Summary of Coronavirus Aid, Relief, and Economic Security (“CARES”) Act for Employers

Lexology March 31, 2020
Gordon Rees Scully Mansukhani

On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act – the Federal government’s third aid package intended to keep businesses and individuals afloat during this unprecedented freeze on American life – into law.

This advisory provides a summary of some of the key areas of interest for employers, including business loans, unemployment benefits, retirement plans, tax credits and executive compensation.

LOAN PROVISIONS

Paycheck Protection Program (Section 1102)

1. Who is eligible?

• Small businesses otherwise eligible for loans from the Small Business Administration (“SBA”), and any business (including independent contractors and sole proprietors), non-profit, veterans organization or Tribal businesses that employ fewer than 500 employees or if greater, the number of employees determined...

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