The Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was signed by President Trump late on Friday, March 27, 2020. This $2 Trillion bill is meant to help businesses and individuals during this unprecedented time. Frantz Ward is devoted to staying up-to-date on the resources available and implications to businesses of all sizes. We've provided insight on some of the parts of the Act below and welcome the opportunity to speak to you in more detail.
- Paycheck Protection Program - The CARES Act includes the Paycheck Protection Loan Program, providing $349 billion of funding to small businesses and nonprofit organizations to cover up to 8 weeks of payroll and related costs, with such loan to be entirely forgiven if an employer maintains all of its employees and salaries during the period of time commencing February 15, 2020 through June 30, 2020. Read more.
- Summary of Title IV (Economic Stabilization) - This article summarizes the Title IV provisions (known as the "Coronavirus Economic Stabilization Act of 2020") of the CARES Act. Read more.
- Retirement Plans - The CARES Act has provisions designed to provide relief for qualified retirement plan sponsors and participants. The CARES Act eases rules relating to plan distributions, repayment of loans and required minimum distributions. Read more.
- Covid-19 Developments Impacting Employer-Sponsored Health Plans - Recent developments on both the federal and Ohio state levels will impact health plans sponsored by Ohio employers. On the federal level, the CARES Act has several provisions affecting employer sponsored health plans. Read more.
Frantz Ward's Coronavirus Response Team assists clients in navigating the multitude of issues presented by the current crisis. For assistance in addressing these issues or in developing other strategies to protect your business, please contact Frantz Ward Partners Brian Kelly
or Christopher Koehler
and they will engage the appropriate members of the response team.