Summary of Federal coronavirus stimulus bills enacted

 

Date enacted and link to summary

Guidance and Resources

June 5, 2020:
Paycheck Protection Program Flexibility Act of 2020 

IRS Coronavirus Tax Relief and Economic Impact Payments Resource Page

 "This bill modifies provisions related to the forgiveness of loans made to small businesses under the Paycheck Protection Program implemented in response to COVID-19 (i.e., coronavirus disease 2019)." (Source: Congress.gov, bill summary)

July 4, 2020: President Trump signs 5-week PPP extension (Journal of Accountancy). The bill re-opens the application window for the Paycheck Protection Program until August 8.

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

 

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 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