COVID-19 Resources - Lawrence Kamin, LLC

March 31, 2020 CARES Act: Employee Retention Credit and Deferral of Payroll Taxes

In addition to the expansion of SBA Section 7(a) loans available to subsidize payroll expenses, as provided in Section 1102, the CARES Act contains provisions (a) that allow eligible employers carrying on a trade or business to receive a refundable tax credit against Social Security taxes imposed under section 3111(a) of the Internal Revenue Code (the “Code”) or Railroad Retirement Tax Act taxes imposed under section 3221(a) of the Code, and (b) permit employers to defer payment of certain payroll taxes for up to two years. Set forth below is a summary of those provisions.

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March 31, 2020 CARES Act: Unemployment Insurance, Individual Rebates and Tax Credits

The CARES Act contains provisions that temporarily broaden unemployment assistance and tax rebates to cover more types of individual employees impacted by the Coronavirus pandemic who otherwise may not have been eligible for financial aid prior.

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March 31, 2020 CARES Act: Charitable Contribution Modifications for Tax Year 2020

In addition to stimulus payments to taxpayers, expanded unemployment benefits for workers, and tax
relief and loans for businesses, the CARES Act provides tax relief for individual taxpayers, including
expansion of tax benefits for charitable giving.

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March 31, 2020 CARES Act: Retirement Plan Changes for 2020

While most of the CARES Act focuses on providing economic relief for businesses, certain provisions
temporarily impact the rules for retirement plans and required minimum distributions.

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March 30, 2020

COVID-19: Emergency Financial Assistance for Illinois Small Businesses

In the wake of the coronavirus pandemic, the Illinois Department of Commerce and Economic Opportunity (IDCEO) has created three programs offering emergency financial assistance to small businesses. Under these programs, Illinois businesses with fewer than 50 employees can apply for low- interest loans and grants. The first program has an April 1st deadline, so hospitality businesses seeking emergency financial assistance should act immediately.

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March 23, 2020 COVID-19 Resources For Illinois Employers

Illinois Governor J.B. Pritzker has entered Executive Order 2020-10, which becomes effective March 21, 2020. With some exceptions, the Executive Order directs Illinois residents to remain at home and temporarily shutters many Illinois businesses. This Executive Order follows federal action that also affects Illinoisans and employers alike.

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March 18, 2020 The Families First Coronavirus Response Act and the Potential Impact on Small and Mid-sized Businesses

On March 14, 2020, the House of Representatives passed H.R. 6201, the Families First Coronavirus Response Act (“FFCRA”), after negotiation with the U.S. Secretary of Treasury. The Senate adopted the bill on March 18, 2020, which the President signed the same day. Under the terms of the legislation, the Act becomes effective no later than April 2, 2020.

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