CARES ACT American Federation of Teachers

The act authorized direct payments to families of $1,200 per adult plus $500 per child for individuals making up to $75,000, heads of households making up to $112,500, and couples filing jointly making up to $150,000. On April cares act s.3548 24, 2020, President Trump signed into law H.R.266 – the Paycheck Protection Program and Health Care Enhancement Act. Holders of federally backed mortgages can request forbearance if they have been affected by COVID-19.

In the case of a net operating loss arising in a taxable year beginning after December 31, 2017, to each taxable year following the taxable year of the loss. In the case of any net operating loss for a taxable year which is not a REIT year, such loss shall not be carried back to any taxable year which is a REIT year. A net operating loss for a REIT year shall not be a net operating loss carryback to any taxable year preceding the taxable year of such loss.

Economic Policy

For purposes of this section and section 105, expenses incurred for menstrual care products (as defined in section 223(d)(2)(D)) shall be treated as incurred for medical care. Implementing additional administrative or process enhancements, as necessary, to facilitate an efficient review and development program. The allocation of Healthy Start program grants by the Health Resources and Services Administration, including considerations made by such Administration regarding disparities in infant mortality or perinatal outcomes among urban and rural areas in making such awards. Programs creating records referred to in section 543(a) of the Public Health Service Act (42 U.S.C. 290dd–2(a)) should receive positive incentives for discussing with their patients the benefits to consenting to share such records. Section 203A(a)(1)(B) of the Public Health Service Act (42 U.S.C. 204a(a)(1)(B)) is amended by striking Active Reserves and inserting Ready Reserve Corps.

• The Secretary may waive the provisions of clause (ii) during the emergency period described in section 1135(g)(1)(B).
• The CARES Act can be broken into seven major areas, including benefits for individuals, unemployment assistance, small business relief, big and medium-sized business relief, tax breaks and credits, hospital and health care assistance, and state and local government.
• The bill authorizes emergency loans to distressed businesses, including air carriers, and suspends certain aviation excise taxes.
• The Secretary of Education shall not waive under this section any statutory or regulatory requirements relating to applicable civil rights laws.
• Except as provided in paragraph (B), a waiver approved by the Secretary of Education under this subsection may be for a period not to exceed 1 academic year.

Of the funds available for program year 2019 for statewide activities under section 128(a) of the Workforce Innovation and Opportunity Act (29 U.S.C. 3163(a)), such funds may be used for statewide rapid response activities as described in section 134(a)(2)(A) (29 U.S.C. 3174(a)(2)(A)) for responding to the COVID-19 national emergency. The Secretary shall deem each month for which a loan payment was suspended under this section as if the borrower of the loan had made a payment for the purpose of any loan forgiveness program authorized under part D of title IV of the Higher Education Act of 1965 (20 U.S.C. 1087a et seq.) for which the borrower would have otherwise qualified. At the closing of a loan deferred under this subsection, terms shall be set under which the institution shall be required to repay the Secretary for the payments of principal made by the Secretary during the deferment, on a schedule that begins upon repayment to the lender in full on the loan agreement.

Financial Institutions

Section 461(l)(2) of the Internal Revenue Code of 1986 is amended by striking a net operating loss carryover to the following taxable year under section 172 and inserting a net operating loss for the taxable year for purposes of determining any net operating loss carryover under section 172(b) for subsequent taxable years. The amendments made by subsections (b), (c), and (d)(1) shall apply to net operating losses arising in taxable years beginning after December 31, 2017. For purposes of this subparagraph, the term REIT year means any taxable year for which the provisions of part II of subchapter M (relating to real estate investment trusts) apply to the taxpayer. Notwithstanding section 6302 of the Internal Revenue Code of 1986, an employer shall be treated as having timely made all deposits of applicable employment taxes that are required to be made (without regard to this section) for such taxes during the payroll tax deferral period if all such deposits are made not later than the applicable date. Who experiences adverse financial consequences as a result of being quarantined, being furloughed or laid off or having work hours reduced due to such virus or disease, being unable to work due to lack of child care due to such virus or disease, closing or reducing hours of a business owned or operated by the individual due to such virus or disease, or other factors as determined by the Secretary of the Treasury (or the Secretary’s delegate). No later than 15 days after enactment of this Act, the Secretary of the Treasury shall submit a plan to the Committees on Appropriations of the House of Representatives and the Senate detailing the expected use of the funds provided by paragraph (1)(A).

Not later than 2 years after the date of enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Health, Education, Labor, and Pensions of the Senate and the Committee on Energy and Commerce of the House of Representatives a report examining the Food and Drug Administration’s intra-agency coordination, communication, and decision making in assessing drug shortage risks, and taking corrective action. In this section, the terms device and drug have the meanings given such terms in section 201 of the Federal Food, Drug, and Cosmetic Act (21 U.S.C. 321). To the extent feasible and practicable, the Secretary shall ensure that the Federal Government is compensated for the risk assumed in making loans and loan guarantees under this section. Taxable years of United States persons in which or with which such taxable years of foreign corporations end.