US Treasury Department Delivering Relief for Individuals and Businesses

Here’s what businesses and individuals need to know about the Treasury Department’s specific relief components.

The CARES Act and subsequent relief and appropriation acts have provided both individuals and businesses with significant relief to keep Americans employed, bolster economic commerce, and provide relief to those affected by the COVID pandemic. Considering that some of the relief legislation exceeds 5,000 pages it can be a challenge even identifying what those benefits are. Here’s what businesses and individuals need to know about the Treasury Department’s specific relief components.

Assistance for American Workers and Families

Through Economic Impact Payments and other means, the Treasury Department is ensuring Americans are seeing direct and fast relief in the wake of the coronavirus pandemic.

Assistance for Small Businesses

The Paycheck Protection Program (PPP) is providing small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead. President Biden also signed the PPP Extension Act, which extends the filing deadline for PPP loans.

Preserving Jobs for American Industry

By implementing the CARES Act, the Treasury Department is taking unprecedented steps to preserve jobs in industries adversely impacted by the spread of COVID-19.

Assistance for State, Local, and Tribal Governments

Through the Coronavirus Relief Fund, the CARES Act provides for payments to State, Local, and Tribal governments navigating the impact of the COVID-19 outbreak.

Emergency Rental Assistance Program

The Emergency Rental Assistance program makes available $25 billion to assist households that are unable to pay rent and utilities due to the COVID-19 pandemic. The funds are provided directly to States, U.S. Territories, local governments, and Indian tribes. Grantees use the funds to provide assistance to eligible households through existing or newly created rental assistance programs.

Emergency Capital Investment Program

The Emergency Capital Investment Program will provide up to $9 billion in capital directly to community financial institutions to augment their efforts to support small businesses and consumers in low- and moderate- income communities.

Coronavirus Economic Relief for Transportation Services (CERTS) Program

The Coronavirus Economic Relief for Transportation Services (CERTS) Program is providing eligible transportation service companies with resources to help to maintain payroll, hire back employees who may have been laid off, and cover applicable overhead and operational expenses.

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How This Impacts Mobility

Running a business and affecting the lives of employees are the common denominators in the mobility industry for clients and service partners alike. Staying aware of important legislation that can provide relief for individual taxpayers and to small and large size businesses and organizations ensures that all available resources are accessible to help the U.S. economy get beyond this tumultuous period. Should any member have questions, please reach out to our Vice President of Member Engagement and Public Policy Rebecca Peters, rpeters@worldwideerc.org.

Craig Anderson, SCRP, SGMS, is Vice President of AECC Mobility and Chair of the Worldwide ERC® Tax Forum.