Legislation Introduced to Help Businesses Experiencing Financial Hardship

New legislation, the Coronavirus Aid, Relief and Economic Security Act (CARES), was introduced on March 19 to support American businesses suffering economically due to ramifications of COVID-19. Of particular interest to small businesses are provisions to create and fund forgivable short-term loans and the establishment of additional grants and technical support to keep small businesses afloat. The American Dental Association is lobbying lawmakers to include a variety of small business loans that can be funded quickly, postponement of student loan payments, the ability of the United States Secretary of Labor to exclude small businesses with fewer than 50 employees from paid leave requirements, extension of tax rebates, ability to withdraw up to $100,000 from retirement accounts without penalty, and defer payment of payroll taxes. To learn more, click here.