Webinar Recap from McKonly & Asbury: The CARES Act and the Benefits for Small Businesses

This webinar entitled “The CARES Act and the Benefits for Small Businesses” was originally produced on Tuesday, March 31, 2020. We hope you find value in the full recording of the presentation and additional resources offered below.

Also, please note that on the evening of March 31st, the SBA issued further guidance on the Payroll Protection Loan program and the application and process to be followed. You can click here for more information and for a link to the SBA Application.

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) is a $2.2 trillion relief bill that was signed by the President of the United States on March 27, 2020. The CARES Act provides federal government support of the Coronavirus public health crisis. Federal support includes expanded unemployment insurance, a paycheck protection program, rebate recovery for individual taxpayers, and many other benefits to small businesses and individuals.

David Blain, Partner and Director of Entrepreneurial Services and Mark Heath, Partner and Director of Tax Services with McKonly & Asbury, hosted this webinar that discussed the key income tax benefits and economic stimulus included in the CARES Act to help support small businesses and individuals during this global pandemic.

During this webinar, attendees were provided with:

  • An overview of the CARES Act.
  • Discussion of key provisions of the CARES Act including:
  • Paycheck Protection Program
  • Recovery Rebate for individual taxpayers
  • Charitable contribution deduction limits
  • Retirement account distributions and loans
  • Student loan relief
  • Business tax deferrals and credits
  • Recommendations for utilizing the benefits of the CARES Act.

Watch a Recording of the Presentation at https://www.youtube.com/watch?v=Rzgw5YLwPfM.

Additional Resources

You can download a copy of the slides presented by clicking here. Check back for a FAQ that we are developing to answer questions submitted by attendees during the webinar.

If you have any questions regarding the material covered in this webinar, please contact us at covid19@macpas.com, or visit our COVID-19 Resource Center at: www.macpas.com/covid-19.