{"id":3265,"date":"2020-04-08T21:08:29","date_gmt":"2020-04-09T03:08:29","guid":{"rendered":"https:\/\/web.blockadvisors.com\/?p=3265"},"modified":"2023-07-06T11:48:39","modified_gmt":"2023-07-06T17:48:39","slug":"cares-act","status":"publish","type":"post","link":"https:\/\/www.blockadvisors.com\/resource-center\/small-business-owners\/cares-act\/","title":{"rendered":"What is the CARES Act \u2013 Coronavirus Aid, Relief, and Economic Security Act?"},"content":{"rendered":"\n<p>Have you heard of the CARES Act which was signed into law on March 27, 2020? CARES, or Coronavirus Aid, Relief, and Economic Security Act is a new law intended to help individuals and small business owners who have struggled financially due to the Coronavirus pandemic.<\/p>\n\n\n\n<p>Learn more about how you can take advantage of the CARES Act\nnow.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-small-business-elements-of-cares-act-legislation\"><strong>What Are the Small\nBusiness Elements of CARES Act Legislation?<\/strong><\/h2>\n\n\n\n<p>There are several pieces of CARES Act legislation that impact <a href=\"https:\/\/www.blockadvisors.com\/small-business-tax-preparation\/\" data-type=\"URL\" data-id=\"https:\/\/www.blockadvisors.com\/small-business-tax-preparation\/\">small business taxes<\/a>, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Employee Retention Credit<\/li>\n\n\n\n<li>Payroll Tax Postponement<\/li>\n\n\n\n<li>Paycheck Protection Program<\/li>\n\n\n\n<li>Disaster Loans<\/li>\n<\/ul>\n\n\n\n<p>Let\u2019s explore each&#8230;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-employee-retention-credit-a-payroll-tax-credit\"><strong>1 &#8211; Employee Retention\nCredit (a Payroll Tax Credit)<\/strong><\/h3>\n\n\n\n<p>The Employment Retention Credit is a refundable tax credit\ndesigned to help small business owners keep workers on their payroll.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-who-is-eligible-for-the-employee-retention-credit\"><strong>Who is Eligible for the\nEmployee Retention Credit?<\/strong><\/h4>\n\n\n\n<p>Your small business could qualify if:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You had to fully or partially suspend operations\ndue to a Coronavirus shutdown order<\/li>\n\n\n\n<li>Your business has declined by more than 50%\n(compared to the same calendar quarter in the prior year).<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-what-does-the-employee-retention-credit-cover\"><strong>What Does the Employee\nRetention Credit Cover?<\/strong><\/h4>\n\n\n\n<p>The credit allows you to take a payroll tax credit of 50% of\nqualified wages paid to employees from March 13 to December 31, 2020 for up to $10,000\nof qualified wages per employee for a maximum credit of up to $5,000 per\nemployee. <\/p>\n\n\n\n<p>If you:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Employed 100 or fewer employees:<\/strong> all wages qualify, regardless of whether the business remains open or not.<\/li>\n\n\n\n<li><strong>Employed&nbsp;more&nbsp;than 100 employees:<\/strong> wages qualify if they are paid to employees you continued to pay, but who weren\u2019t able to do their jobs due to business closure or business loss due to the COVID-19 pandemic.<\/li>\n<\/ul>\n\n\n\n<p>With this credit, small business owners can claim a credit for\n&nbsp;compensation up to $10,000 per employee,\nincluding certain health benefits, paid to an eligible employee. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-how-does-the-employee-retention-credit-work-with-other-small-business-provisions\"><strong>How Does the Employee\nRetention Credit Work with Other Small Business Provisions? <\/strong><\/h4>\n\n\n\n<p>Under the Families First Coronavirus Response Act you may\nhave to pay mandatory emergency sick leave or mandatory emergency family and\nmedical leave. A credit is also available to help employers cover the mandatory\npaid leave. Small business owners can\u2019t use the same wages for the Employee Retention\nCredit and the credit for paid mandatory leave. <\/p>\n\n\n\n<p>Additionally, if you receive an emergency small business\nloan, you can\u2019t take the Employee Retention Credit.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-how-can-my-business-obtain-the-employee-retention-credit\"><strong>How Can My Business Obtain\nthe Employee Retention Credit?<\/strong><\/h4>\n\n\n\n<p>While the credit will be reported on your payroll tax\nreturn, you do not have to wait until the end of the year to claim the credit. Here\nare your options:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Keep the payroll taxes you would normally have to remit up to the amount of the credit. This includes income and FICA taxes withheld from wages and the employer\u2019s share of the Social Security portion of FICA taxes. Then reconcile the amount on your payroll tax return (<a href=\"https:\/\/web.blockadvisors.com\/tax-forms-for-small-businesses\/\">Form 941<\/a>) when you file your quarterly return.<\/li>\n\n\n\n<li>Claim an advance of the credit on Form 7200 even before you pay employees. Then reconcile the amount on Form 941 when you file your quarterly return.<\/li>\n\n\n\n<li>Claim the refundable credit on your Form 941 to recover payroll tax already paid during the quarter. (Related read: <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-tax-prep\/form-941\/\">What is Form 941<\/a>?)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-payroll-tax-postponement\"><strong>2 &#8211; Payroll Tax Postponement<\/strong><\/h3>\n\n\n\n<p>If you own a business that employs people, you can defer the\nemployer\u2019s share of the Social Security portion of FICA taxes (6.2% of wages up\nto $137,700). <\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-when-is-the-deferred-payment-due\"><strong>When Is The Deferred Payment\nDue?<\/strong><\/h4>\n\n\n\n<p>Half of the payment will be due by December 31, 2021. The\nremaining wages will be due by Dec. 31, 2022.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-what-s-not-included-in-the-payroll-tax-postponement\"><strong>What\u2019s Not included in the Payroll Tax Postponement?<\/strong><\/h4>\n\n\n\n<p>Payroll taxes not included with the Payroll Tax\nPostponement: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The employer\u2019s share of the Medicare portion of payroll\ntaxes (1.45% of wages with no ceiling) <\/li>\n\n\n\n<li>The employee\u2019s share of Social Security and\nMedicare taxes <\/li>\n<\/ul>\n\n\n\n<p>Note that these taxes may be used\nto cover the employee retention credit and credit for mandatory leave explained\nabove.<\/p>\n\n\n\n<p><strong><em>Self-employed taxpayers, listen up!&nbsp;&nbsp;<\/em><\/strong><em>Self-employed individuals, including <a href=\"https:\/\/web.blockadvisors.com\/schedule-c\/\" data-type=\"post\" data-id=\"3986\">Schedule C<\/a> and Schedule F filers can defer one-half of the 2020 Social Security portion of self-employment taxes (6.2% of net earnings up to $137,700) for quarterly estimated taxes.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-paycheck-protection-program-ppp-loan\"><strong>3 &#8211; Paycheck Protection\nProgram (PPP Loan)<\/strong><\/h3>\n\n\n\n<p>With the CARES Act, the U.S. government will offer a small business loan \u2013 called the <a href=\"https:\/\/web.blockadvisors.com\/paycheck-protection-program\/\" data-type=\"post\" data-id=\"3288\">Paycheck Protection Program<\/a> \u2013 to help small business owners with payroll costs and interest payments on their current debt. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-who-is-eligible-for-the-paycheck-protection-program\"><strong>Who is Eligible for the\nPaycheck Protection Program?<\/strong><\/h4>\n\n\n\n<p>Businesses with 500 or fewer employees are eligible to\nborrow up to 2.5 times their average monthly payroll or up to $10 million.<\/p>\n\n\n\n<p>PPP loans are 100% guaranteed without collateral or a\npersonal guarantee. And, if you use the loan for permitted purposes, the loans\nmay potentially be deferred and some or all of the balance may be forgiven.<\/p>\n\n\n\n<p>What else should I know about these small business loans?<\/p>\n\n\n\n<p>You can use this loan for:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Salaries for employees (up to $100,000 per employee)<\/li>\n\n\n\n<li>Certain health benefits<\/li>\n\n\n\n<li><a href=\"https:\/\/web.blockadvisors.com\/tax-breaks-for-homeowners\/\">Mortgage interest<\/a>, rent and utilities<\/li>\n\n\n\n<li>Interest on other debts<\/li>\n\n\n\n<li>Applications for the Paycheck Protection Program loans must be submitted by June 30.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-disaster-loans\"><strong>4 &#8211; Disaster Loans<\/strong><\/h3>\n\n\n\n<p>Traditionally, these loans are reserved for business in\nregions declared disaster areas. However, as part of the CARES Act, the disaster\nloan program is now available to all businesses. <\/p>\n\n\n\n<p>Loans under $200,000 are not required to have a personal\nguarantee. You can request an advance of up to $10,000 paid out in three days.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-what-can-i-use-the-disaster-loan-for\"><strong>What Can I Use the Disaster\nLoan For?<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Paid sick leave for employees<\/li>\n\n\n\n<li>Maintaining payroll<\/li>\n\n\n\n<li>To cover increased operating costs<\/li>\n\n\n\n<li>Rent or mortgage payments<\/li>\n\n\n\n<li>Repaying obligations that can\u2019t be met due to\nrevenue loss<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-who-qualifies-for-disaster-loans\"><strong>Who Qualifies for Disaster\nLoans?<\/strong><\/h4>\n\n\n\n<p>Any business, cooperative or ESOP with 500 or fewer\nemployees and all sole proprietors, independent contractors and private\nnon-profits.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-where-to-go-for-more-help-as-a-small-business-owner\"><strong>Where to Go for More Help as\na Small Business Owner? <\/strong><\/h2>\n\n\n\n<p>Need assistance with your overall small business tax strategy? Learn more about our <a href=\"https:\/\/www.blockadvisors.com\/small-business-bookkeeping-services\/\">bookkeeping<\/a>, <a href=\"https:\/\/www.blockadvisors.com\/small-business-payroll-services\/\">payroll<\/a>, and tax services at Block Advisors. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Have you heard of the CARES Act which was signed into law on March 27, 2020? CARES, or Coronavirus Aid,\u2026<\/p>\n","protected":false},"author":1,"featured_media":5186,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1237,1172],"tags":[],"class_list":["post-3265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manage-your-business","category-small-business-owners"],"acf":[],"yoast_head":"<title>What is the CARES ACT? | Block Advisors<\/title>\n<meta name=\"description\" content=\"Are you a small business owner affected by the Coronavirus? 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