CARES Act ($2 Trillion Stimulus Package)

On March 27, the federal government adopted legislation providing over $2 trillion in economic relief to businesses and individuals.  The provisions of the Act that are most important to agencies, dealerships, and their employees are summarized below.

Forgivable Loans (Available to Agencies and Dealerships) 

The Act provides for business loans up to $10 million that you never need to repay if certain qualifications are met.  The goal is to keep your people employed during this economic slowdown.  

Tax Benefits for Businesses

The Act provides several benefits to qualified businesses that can reduce or delay payments. 

Direct Payments to Individuals

The Act provides for direct payments to individuals and couples filing a joint tax return, subject to income limitations.  

Expanded Unemployment Benefits

The Act provides additional funding for state unemployment programs to assist employees who are laid off or have their hours reduced.

Other Benefits for Specific Industries

The Act provides benefits to companies in industries that are disproportionately affected by the economic impact of the coronavirus outbreak.  

Retirement Benefits

The Act provides benefits to individuals who need to take early withdrawals from their retirement plan (401k) or IRA.  

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