Our clients are now asking, "How do we apply?" The SBA must now write rules and regulations to give specific instructions for these loans. Those rules are expected in the coming days and weeks. So, you can’t actually apply for one of these loans – YET. The law attempts to make the application process as simple as possible.
By a unanimous vote on March 25, 2020 the Senate passed a third coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, H.R. 748, the Act). This article discusses the tax relief provisions for businesses that are contained in the Act.