Q: What business tax relief is provided by the CARES Act?

The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes several options for businesses to receive tax relief and other financial support. The options for tax relief include payroll tax credits and deferrals, credits for COVID-19 related paid leave, and loosening requirements and limitations introduced with the 2017 Tax Cuts and Jobs Act (TCJA).

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Q: What is the CARES Act and what financial support does it offer for my business?

Ask FlexTeam: What is the CARES Act and what financial support does it offer to my business?

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on Friday, March 27, includes a variety of mechanisms to provide emergency financial relief to those impacted by COVID-19.

While a lot of the attention has been focused on whether or not individuals will be receiving checks in the mail (and when), as well as what benefits large corporations and industries will be receiving, there are two primary ways for small and medium businesses (those with fewer than 500 employees, including sole proprietorships) to receive financial support.

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Hiring On-Demand Consultants And Advisors As The Gig Economy Matures

Hiring On-Demand Consultants And Advisors As The Gig Economy Matures

When you think of the gig economy, you most likely think of people shuttling around passengers or delivering food and of companies like Uber, Lyft and Taskrabbit — companies whose workers are, generally, not thought of as highly skilled. You may also think of companies like Upwork, whose success is proof the business model for freelancer workers is here to stay. McKinsey reports that up to 162 million people in Europe and the United States are engaged in some form of independent work. That’s 20% to 30% of the working-age population!

From Low-Skill Freelancers To Specialized Knowledge Workers

But the gig economy is more than low-skill freelancers and side hustlers, more than drivers shuttling passengers, people hosting overnight guests and workers delivering meals and groceries. Today, highly experienced — and highly educated — knowledge workers and creative professionals are the fastest-growing segments of the gig economy.

Companies are realizing that the quickest and most efficient way to get specialized talent is to hire them as project-based gig workers. Corporate boards and executive teams are hiring experts who can provide high-level advice on how to take advantage of business and technology trends while also delivering tactical insights on implementation. These knowledge workers are changing the face of the gig economy.

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