CARES ACT UNPLUGGED - What's in the CARES Act for Law Firms
On Friday, March 27th, President Donald Trump signed into law the Coronavirus Aid, Relief and Economic Act or the CARES Act. This episode is a re-purposed Facebook Live that goes into all the items in the bill that are relevant to a law firm owner.
- 2020 Recovery Rebate for Individuals - Learn how they will determine who gets this credit and when you can expect it.
- Delay of Certain Deadlines - Tax filing and payment deadlines extended to July 15, 2020.
- Special Rules for use of retirement funds - Find out about increased loan allowance, ability to withdraw funds penalty free and ability to withdraw funds and re-deposit within 3 years.
- Allowance of partial above the line deduction for charitable contributions - even if you don't itemize, you can deduct $300 in charitable contributions.
- Loans, loans, loans - learn the difference between the EIDL (Economic Injury Disaster Loan) and the PPP (Payroll Protection Plan) Loan and what steps you should take today.
- Relief for Student Loans - Learn how to get relief on your own loans as well as pay up to $5,250 to your employee's student loans as well.
Resources mentioned:
SBA COVID-19 ECONOMIC INJURY DISASTER LOAN APPLICATION - https://covid19relief.sba.gov/#/
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Author
Moshe Amsel
Author
Moshe Amsel the host of the Profit with Law podcast is not an attorney. As the owner of a successful accounting firm DreamBuilder Financial and Law Firm Growth coaching organization Profit with Law, Moshe has proven that there are better and different ways for a law firm to do business and be successful.
