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Four Ways the Coronavirus Law Pays Small Businesses to Keep Workers

31 Mar 2020

David Newman was featured in CNBC’s coverage of the CARES Act, which grants financial incentives to help retain workers instead of laying them off.  

According to David, borrowers who laid off workers can reinstate their jobs and salaries by June 30 to recover credit toward loan forgiveness, which is also excluded from a business owner’s gross income for tax purposes.

He also noted that a separate $500 billion loan program – the Coronavirus Economic Stabilization Act of 2020, which gives assistance to airlines and other industries – stipulates that some borrowers must keep at least 90% of their employees through September 30.

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