CARES: The Impact on Business, Employers and Employees
Today, March 27, 2020, President Trump signed the largest and
most comprehensive act to aid businesses, employers and employees,
particularly in the small business segment, during this COVID-19
pandemic. The hefty price tag, $2 trillion, will provide direct
relief to businesses, with the specific goal of assisting employers
wishing to retain employees on their payroll; there is also direct
aid to individuals in the Act. The law, called
"CARES," or the Coronavirus Aid, Relief and Economic
Security Act (the "Act"), will
impact:
- Unemployment insurance
- Business loans
- Employer-sponsored health
insurance
- Retirement savings
