Summary of Federal coronavirus stimulus bills enacted

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

• See U.S. DOL FFCRA Q&A for more information on EPSL and EFMLE

• See also, DOL Fact Sheet for Employers

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)

• DOL press release, March 24, 2020
• DOL Questions and Answers
• DOL Fact Sheet for Employees
• DOL Fact Sheet for Employers

Internal Revenue Service:

• Coronavirus Tax Relief webpage (includes links to specific guidance)
• April 17, 2020: IRS FAQs on FFRCA paid sick and family leave

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

• May 15, 2020: FS-2020-06: New credits fund employers for Coronavirus-related paid leave
• COVID-19-Related Tax Credits: General Information FAQs
• COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs

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.

• U.S. Department of the Treasury: Assistance for Small Businesses
• Journal of Accountancy overview
• AICPA PPP resources for CPAs
• SBA/Treasury PAYCHECK PROTECTION PROGRAM (PPP) LOANS: Frequently Asked Questions (FAQs) (Updated May 13, 2020)
• New! AICPA Recommendations PPP Application Documents for Lenders (04/07/20)

Guidance on CPAs as Agents for PPP Loan Applications

• CAMICO eAlert: CPAs as Agents for Small Business Administration Paycheck Protection Program (PPP) Loans (includes links to engagement letter templates and sample response to lenders for your reference)

 More PPP guidance:

• AICPA recommendations for PPP application process | firm-lender relationship (PDF download, 04/27/20)
• AICPA’s Center for Plain English Accounting (CPEA) special report on issues related to CPA involvement in small business loans under the PPP
• 04/04/20 – AICPA Press release: AICPA-led coalition recommends PPP applicants use gross payroll approach in calculationg average monthly payroll

 Internal Revenue Service:

• Coronavirus Tax Relief webpage (includes links to specific guidance)

IRS Guidance: Employer Retention Tax Credits

• May 7, 2020: FS-2020-05: New Employee Retention Credit helps employers keep employees on payroll

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