House Passes Coronavirus Aid Relief and Economic Security (CARES) Act – Details On How Bill Can Help Horse & Dog Professionals & Small Business Owners

The American Horse Council issued an informative press release regarding the Coronavirus Aid Relief and Economic Security (CARES) Act which addresses many concerns for not only the horse industry, but the dog show industry as well. Click here to read their full press release or read below for a briefing per their release on how the bill can help not only Horse Professionals, but Professional Dog Handlers, Veterinarians and other self employed individuals or small business owners.

Click here to read the complete bill.

Small Business and Non-Profits

The bill bolsters the Small Business Administration’s (SBA) Paycheck Protection Program, establishing a maximum loan amount to $10 million through December 31, 2020. The bill defines eligibility for loans as a small business or 501(c)(3) nonprofit with not more than 500 employees “or the applicable size standard for the industry as provided by SBA.” The bill further extends eligibility to sole-proprietors, independent contractors, and other self-employed individuals.

The bill also expands the Economic Injury Disaster Loan (EIDL) program currently available to small business to include “any individual operating as a sole proprietor or an independent contractor during the covered period” from January 31, 2020 to December 31, 2020.

Tax and Payroll Flexibility

Pandemic Unemployment Assistance – The bill extends unemployment benefits to the self-employed, independent contractors, those with limited work history, and others who are unable to work as a direct result of the pandemic.

Individual “Recovery Rebates” – Individuals with adjusted gross income up to $75,000 are eligible for a $12,00 cash rebate from the IRS. The amount rises to $2,400 for married couples.

Charitable Contribution Flexibility – The provision encourages Americans to contribute to churches and charitable organizations in 2020 by permitting them to deduct up to $300 of cash contributions, whether they itemize their deductions or not.

Charitable Contribution Increases – The bill increases the limitations on deductions for charitable contributions by individuals who itemize, as well as corporations. Technical details to follow.

Employer Payroll Tax Flexibility – The bill allows employers and self-employed individuals to defer payment of the Social Security tax until 2021 and beyond. Employers generally pay a 6.2-percent Social Security tax on employee wages.

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Posted by chesliepickett on Mar 31 2020. Filed under Breaking News, Featured. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.