In the aftermath of the passage of last week’s CARES Act, our Government & Regulatory Affairs professionals have compiled – in consultation with our Tax, Banking, and Labor and Employment practices – summaries of the lending and tax relief provisions of this groundbreaking legislation. There are two separate documents – one for small businesses (as defined by the Act) and the other combining our tailored description of the tax and larger business lending programs.
The costs of the tax provisions are estimated to run more than $600 billion over the FY 2020-25 period, while the SBA and Distressed Lending Programs total approximately $849 billion. Estimates suggest that the SBA expects as many as 200,000+ applicants for the small business loan program alone.
As you navigate the tools available, we stand ready to help you address the complex opportunities provided by the recent Congressional legislation.
With the financial and public health risks apparent to us all, our team is ready at every turn to work with and for you going forward.
For more information contact our Cares Act Response Team or visit our COVID-19 Resource page.
