Business Tax Implications Due To Coronavirus Aid, Relief, And Economic Security Act (“CARES Act”)

Business Tax Implications Due To Coronavirus Below are the relevant business tax implications due to the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). Business Loans If you have fewer than 500 employees or are self-employed, you are eligible to apply for a business loan of up to $10 million. Interest rates cannot exceed 4% and some of the loan amounts could be forgiven if used within 8 weeks for the following costs: payroll (including health care and money paid to independent contractors), mortgage or rent and utility payments. If you reduce your headcount, the amount forgiven will be [...]