United States

Coronavirus Aid, Relief, and Economic Security Act (CARES)

CARES Act targets middle market with Main Street Lending program


Under the CARES Act, the federal government’s new Main Street Lending Program is designed to provide liquidity to middle market companies responding to the COVID-19 pandemic.

Midsize businesses, defined as those with 500 to 10,000 employees, may be eligible for loans under the new plan. Smaller organizations with fewer than 500 workers may be covered under the act’s additional provisions, the Economic Injury Disaster Loan Assistance program (EIDL), and the Paycheck Protection Program, which is administered by the Small Business Administration.

Signed into law on March 27, 2020, the CARES Act also provides tax relief and additional aid provisions.  

MAIN STREET LENDING PROGRAM: What you need to know

The CARES ACT: program highlights


IRS updates Employee Retention Credit FAQs for M&A, Tribal Governments

The IRS has updated six questions in their Employee Retention Credit FAQ document on Tribal Governments and PPP loans in acquisitions.

  • November 18, 2020

Forgiven PPP loans are not reportable on Form 1099C

IRS Announcement 2020-12 clarifies that lenders need not issue form 1099-C reporting PPP loans eligible for forgiveness under the CARES Act.

  • November 12, 2020

IRS confirms that pass-throughs not subject to SALT deduction limit

The IRS will release proposed regulations confirming the SALT deduction limit will not apply to entity-level taxes imposed on pass-throughs.

  • November 10, 2020
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