Summary of Federal coronavirus stimulus bills enacted

 

Date enacted and link to summary

Guidance and Resources

March 6, 2020:
Coronavirus Preparedness and Response Supplemental Appropriations Act (CPRSA)

IRS Coronavirus Tax Relief and Economic Impact Payments Resource Page
 

 

CPRSA: “This bill provides $8.3 billion in emergency funding for federal agencies to respond to the coronavirus outbreak.”– Bill summary at Congress.gov

March 13, 2020: President Trump issued an emergency declaration under the Stafford Disaster Relief and Emergency Assistance Act instructing Treasury to provide relief from tax deadlines to Americans adversely affected by the COVID-19 pandemic.

April 9, 2020 IRS Guidance: Overview of Extensions Granted in Notice 2020-23

March 18, 2020:
Families First Coronavirus Response Act (FFCRA)

Effective: April 1, 2020 through December 31, 2020

The FFRCA includes:

  • Emergency Paid Sick Leave (EPSL) Act
  • Emergency Family and Medical Leave Expansion (EFMLE) Act

Tax Credits:

  • Paid Sick Leave requirement and credit
  • Family and Medical Leave requirement and credit

Eligible Employers: "500 or fewer full-time and part-time employees ... that have to meet the employer paid leave requirements." Source: IRS FS-2020-06, May 2020

“This bill responds to the COVID-19 (i.e., coronavirus disease 2019) outbreak by providing paid sick leave, tax credits, and free COVID-19 testing; expanding food assistance and unemployment benefits; and increasing Medicaid funding.” Bill summary at Congress.gov

U.S. Department of Labor Guidance web page
(Last accessed, May 14, 2020)

Internal Revenue Service:

IRS Guidance: Paid Sick Leave and Family and Medical Leave / Employer Tax Credits

March 27, 2020:
Coronavirus Aid, Relief, and Economic Security Act (CARES)

The CARES Act includes:

  • Paycheck Protection Program (PPP)
  • Employee Retention Tax Credit

Tax Credits: Employee Retention Credit

Eligible employers: "The credit is available to all employers that have experienced an economic hardship due to COVID-19. This includes tax exempt organizations. Only two exceptions apply: 1) Federal, state, and local governments and their instrumentalities; and 2) small businesses that received business loans under the Paycheck Protection Program (PPP)."
Source: IRS FS-2020-05, May 2020

“This bill responds to the COVID-19 (i.e., coronavirus disease 2019) outbreak and its impact on the economy, public health, state and local governments, individuals, and businesses.: -- Bill summary at Congress.gov

Paycheck Protection Program (PPP): Provides forgivable loans to help small businesses cover fees such as payroll and rent.

Guidance on CPAs as Agents for PPP Loan Applications

 More PPP guidance:

 Internal Revenue Service:

IRS Guidance: Employer Retention Tax Credits

U.S. Department of Labor Guidance (homepage): Guidance and News specific to coronavirus relief under FFCRA and CARES