Provided by Foley and Lardner, Special to CTC
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was signed by the President on March 27, 2020, includes several provisions affecting taxes.
There are a number of sections of the CARES Act applicable to business.
Section 2301 of the CARES Act provides for a tax credit for employers subject to a closure related to COVID-19. The employment tax credit for eligible employers for each calendar quarter is equal to 50 percent of qualified wages with respect to each employee for such calendar quarter.