Skip to main content

Small Business Assistance in the CARES Act

The law includes $349 billion in loans for small businesses. The CARES Act allows the Small Business Association (SBA) to serve as a guarantor for 7(a) loans of up to $10 million for small businesses to maintain payrolls and pay off debts.

Tax Provisions in the CARES Act for Businesses and Employers 

The credit for paid sick leave and paid family leave in the Families First Coronavirus Response Act enacted last week is available for advance refunding via forms on the IRS website (not yet released as of this publication). Penalties for failure to deposit payroll taxes will be waived in the event of an anticipated payroll tax credit.

We’re here to help businesses navigate this uncertain time. DHJJ is continuously monitoring developments and will continue to provide the latest updates. Have more questions? Contact us now.