The CARES Act, signed by President Trump on March 27, 2020, was designed, through various programs, to inject a $2.2 trillion stimulus into the U.S. economy. While much of the attention is focused on the small business forgivable loan program known as the Paycheck Protection Program, several changes in the Act could either directly or indirectly impact your individual tax returns.
The provisions directly affecting personal returns include:
In addition, several business provision changes may impact individuals or your flow-through entities including: