On March 25, 2020, the United States Senate voted on and passed the Coronavirus Aid, Relief, and Economic Security Act (“the bill”), also known as the CARES Act, in order to respond to the economic impact caused by COVID-19.
On March 25, 2020, the United States Senate voted on and passed the Coronavirus Aid, Relief, and Economic Security Act (“the bill”), also known as the CARES Act, in order to respond to the economic impact caused by COVID-19. However, even though the bill passed in the Senate, it still needs to be voted on and passed in the House of Representatives and then signed by President Trump in order for it to become law. The House of Representatives is scheduled to convene next at 11:00 am (EDT) on Thursday, March 26. For initial impressions of the bill, see this TaxNewsFlash report, a publication of KPMG LLP (U.S).
The bill contains measures that are expected to bring some economic and fiscal relief to companies, small businesses, and individuals facing financial difficulties due to the COVID-19 crisis. With its passing in the Senate, the bill, which includes numerous tax relief provisions, is a step closer to becoming enacted into law. KPMG will issue further guidance once the bill has been enacted.
The above information is not intended to be "written advice concerning one or more Federal tax matters" subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230 as the content of this document is issued for general informational purposes only.
The information contained in this newsletter was submitted by the KPMG International member firm in United States.
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