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1 1 (June 22, 2020)

handle is hein.crs/govdizy0001 and id is 1 raw text is: Researh Setwkc Business Use of Tax and Other Provisions in the CARES Act and Other COVID-19 Legislation: Evidence from Surveys June 22, 2020 The Coronavirus Aid, Relief, and Economic SecurityAct (CARES Act; P.L. 116-136) provided a range of benefits to businesses and their employees. Provisions and Programs Three of the act'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 smallbusinesses 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-time 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 (NOLs) 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); * w itdraw als allow ed from retirement plans (including employer plans and individual IRAs) without penalty and with delayed tax payment; Congressional Re search Service https://crsreports.congress.gov INI 1430 CRS MN GHT Prepa red M. Membersand Com0 , fti esefmo gCo n r -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

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