The CARES Act Updates: April 4, 2020

Updates and changes to the CARES Act are coming rapidly. Here’s how we will share that information with you.

Our articles related to COVID-19 matters are updated routinely as more guidance from the IRS, the SBA, and other authoritative sources is provided. At the front of each article you will find its original publication date, accompanied by a brief explanation and date of any update(s) incorporated in the article.

A list of our April 4 updates is provided here:

  1. SBA and Treasury Issue Guidance for Paycheck Protection Program
    The SBA updated its borrower application form on April 2. The link to it in our article, reproduced here, remains valid, but those who completed an application prior to the change may need to complete an application using the updated form.
  2. Recovery Rebates: Direct Payments to Individuals
    This article was updated on April 4 to share the IRS’s estimate of payment timing. Low-income citizens who normally do not have to file returns will not need to file to obtain their rebate checks.
  3. Payroll Tax Credits and Deferrals for Employers Offered under the CARES Act
    This article was updated on April 4 to note that a second method of obtaining the Employee Retention Credit is now available. In lieu of Form 941, Form 7200 may be used to obtain refunds faster, or in cases where the credit exceeds the amount that otherwise would be deposited with Form 941.