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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