Coronavirus-related relief packages
An overview of resources available to businesses through legislation
RESOURCE CENTER
The federal government has passed several pieces of legislation to provide aid to businesses navigating the coronavirus pandemic. These packages include the Coronavirus Aid, Relief and Economic Security Act, which went into effect in spring 2020, and the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, which Congress passed in December 2020 as part of the Consolidated Appropriations Act, 2021.
Eligibility for resources under each of these programs varies based on business size and other criteria, and there are important tax implications that business leaders should understand if they seek aid through these options.
Find information below on what these aid packages mean for midsize businesses.
The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act
The CARES ACT
MOST RECENT CORONAVIRUS RELIEF INSIGHTS
Key CARES Act and SECURE Act updates for employers
New legislation and impacts from the coronavirus relief bill and SECURE Act for employers: RSM dives into practical advice for plan sponsors
PPP forgiveness and expenses: State tax implications
States may not allow the gross income tax exclusion provided by the federal program, resulting in taxable discharge of indebtedness income.
IRS updates Higher Education Emergency Grant FAQs
Expanded FAQs further clarify that institutions do not report grant funds paid to students, and students do not include amounts in income.
CARES Act relief and the impact to government contractors
Learn how CARES Act relief can affect current and future awards and timing considerations for government contractors.
Hospitality industry may find relief in new ERC expansions
Despite receipt of PPP loans, hospitality businesses may be eligible for retroactive 2020 and new 2021 credits.
Have a specific question? Contact us for additional perspective and recommendations.
