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1 1 (July 23, 2020)

handle is hein.crs/govdbbr0001 and id is 1 raw text is: Researh Sevice Business Use of Tax and Other Provisions in the CARES Act and Other COVID-19 Legislation: Evidence from Surveys Updated July 23, 2020 The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) provided a range of benefits to businesses and their employees. Provisions and Programs Three of the ac!'s major programs are mutually exclusive (overall, or at least with respect to a given employee) and require employers to decide about whether to retain workers and how to pay them. * The Paycheck Protection Program (PPP) for small businesses allowed low-interest loans that could be forgiven if employees were retained. * Expanded unemployment insurance (UI) benefits helped workers laid off or furloughed (as well as the small number of employees using work sharing under short-ime compensation STC]). * The employee retention tax credit (ERTC) provided a credit for 50% of wages up to a ceiling for retained workers. Numerous other provisions were enacted, including * a deferral of payroll taxes through 2020, half paid at the end of 2021 and half at the end of 2022; * liberalization of net operating losses (NOIs) for tax purposes; * a relaxation of restrictions on business interest tax deductions; * more immediate realization of tax credits from the corporate alternative minimum tax (AMT); Swithdrawals allowed from retirement plans (including employer plans and individual IRAs) without penalty and with delayed tax payment; Congressional Research Service https://crsreports.congress.gov IN11430 CFS NS GHT Prepaimed for Mernbeis and Com mninttees 4 o C- --q.. . . . . . . . . . ..----------------------------------------------------------------------------------------------------------------------------------------------------------------------

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