NOTE: Because the COVID-19
situation is dynamic, employers should consult with counsel for the
latest developments and updated guidance on this topic.
The Coronavirus Aid, Relief and Economic Security (CARES) was
enacted on Friday, March 27, 2020. The CARES Act creates a
half-dozen new programs to help distressed businesses and workers
deal with COVID-19 and related shutdowns. These programs include
forgivable loans, tax credits, and expanded unemployment
insurance.
Paycheck Protection Program
First, the Act creates the Paycheck Protection Program, a new
forgivable loan program to help small employers pay their
expenses—and hold on to their workers—during the
COVID-19 crisis.
