CARES ACT Update/Info

https://home.treasury.gov/cares

WHAT TREASURY IS DOING

The Treasury Department is supporting American workers and businesses who are impacted by the coronavirus. In February, Secretary Mnuchin was appointed to the President’s Coronavirus Task Force, where he meets daily with the Vice President and our nation’s top health officials. For the latest information from the Task Force, please visit www.whitehouse.gov/news/.

ASSISTANCE FOR AMERICAN WORKERS AND FAMILIES

In the weeks immediately after the passage of the CARES Act, Americans will see fast and direct relief in the form of Economic Impact Payments. For more information, CLICK HERE.

ASSISTANCE FOR SMALL BUSINESSES

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

• For a top-line overview of the program CLICK HERE

• If you’re a lender, more information can be found HERE

• If you’re a borrower, more information can be found HERE

• The application for borrowers can be found HERE

PRESERVING JOBS FOR AMERICAN INDUSTRY

The CARES Act assists eligible businesses looking for payroll support to keep Americans working. For more information, CLICK HERE.

The IRS rolled out a refundable tax credit that is 50 percent of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. For answers to frequently asked questions, CLICK HERE.

PROCEDURES AND APPLICATIONS FOR TREASURY PROGRAMS

Guidelines and Application Procedures for Payroll Support to Air Carriers and Contractors under Division A, Title IV, Subtitle B of the CARES Act

Procedures and Minimum Requirements for Loans to Air Carriers and Eligible Businesses and National Security Businesses under Division A, Title IV, Subtitle A of the CARES Act

COVID-19 SCAMS

If you receive calls, emails, or other communications claiming to be from the Treasury Department and offering COVID-19 related grants or stimulus payments in exchange for personal financial information, or an advance fee, or charge of any kind, including the purchase of gift cards, please do not respond.  These are scams.  Please contact the FBI at www.ic3.gov so that the scammers can be tracked and stopped.

Fraud involving payment of Federal taxes should be reported to the Treasury Inspector General for Tax Administration.

RECENT REMARKS, TESTIMONY, AND STATEMENTS

• Statement by Secretary Steven T. Mnuchin on the Passage of the CARES Act

• Statement by Secretary Steven T. Mnuchin on Essential Financial Services Workers

• Statement of G7 Finance Ministers and Central Bank Governors

• Treasury and Federal Reserve Board Expand Measures to Enhance Liquidity and Flow of Credit to American Workers, Households, and Businesses

• Treasury and IRS Delay Federal Tax Day from April 15 to July 15 Due to COVID-19 Outbreak

• Treasury, IRS, and Labor Announce Plan to Implement Coronavirus-Related Paid Leave for Workers and Tax Credits for Small and Midsize Businesses to Swiftly Recover the Cost of Providing Coronavirus-Related Leave

• Statement from Secretary Steven T. Mnuchin on the Establishment of the Money Market Mutual Fund Liquidity Facility

• Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak

• Statement from Secretary Steven T. Mnuchin on the Establishment of a Primary Dealer Credit Facility

• Statement from Secretary Steven T. Mnuchin on the Establishment of a Commercial Paper Funding Facility to Support the Flow of Credit to Households and Businesses

• Secretary Mnuchin on the Sunday Shows

• Statement from Secretary Steven T. Mnuchin Regarding House-passed Coronavirus Response Legislation

• Readout from a Treasury Spokesperson on Under Secretary McIntosh’s call with G7 Counterparts

• Meeting of G7 Finance Ministers and Central Bank Governors to be Hosted by Videoconference

• Statement of Secretary Steven T. Mnuchin Before the U.S. House Appropriations Subcommittee on State, Foreign Operations, and Related Programs

• Readout of Call of President’s Working Group on Financial Markets