Accounting Firm Banks, Finley, White & Co. Ready to Help Businesses Decipher Tax Implications of CARES Act

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April 13, 2020

BIRMINGHAM, Ala. — On March 27, 2020, the CARES Act was signed into law to help individuals and businesses get through these difficult economic times brought on by the coronavirus pandemic. This act is no doubt raising lots of accounting and tax questions for business owners, and Banks, Finley, White & Co. is here to help you navigate these strange waters. We have years of experience in the field of accounting, and we’re keeping up with all the news that could affect you. We’re ready to help you and your business with whatever the future brings. 

The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, is the largest economic relief bill in United States history. This bill was introduced in the U.S. Senate by Majority Leader Mitch McConnell. The original bill included $500 billion in checks for American individuals, $208 billion in loans for major industries, and $300 billion for small businesses. The version of the bill that was unanimously passed and signed into law by the president on March 27 includes $2 trillion. 

The legislation is providing economic assistance to small businesses in the following ways:

  • The Paycheck Protection Program
  • The expanded U.S. Small Business Administration (SBA) Economic Injury Disaster Loan Program
  • Updated business tax provisions

There is also a provision to send recovery checks of up to $1,200 to many taxpayers, in the hopes that they’ll spend it to help with the economic fallout from this pandemic. 

The CARES Act is considered the third phase of Congress’ coronavirus response. Phase one was an $8.3 billion bill stimulating coronavirus vaccine research and development. The second phase was an approximately $104 billion package, focused mainly on paid sick leave and unemployment benefits. 

Banks, Finley, White & Co. Certified Public Accountants is working remotely during this time, but is fully operational.