Top-Rated Tax Attorney Senen Garcia Reveals Need-To-Know Changes Of The CARES Act For Small Business Owners – Miami, FL

Leading tax attorney Senen Garcia, founding partner at SG Law Group in Miami, FL, outlined the need-know-changes of the CARES Act that will benefit small business owners. For more information please visit http://www.sgarcialaw.com

Miami, FL, United States – August 27, 2020 /MM-REB/ —

In a recent interview, leading tax attorney Senen Garcia, founding partner at SG Law Group in Miami, FL, revealed and outlined the need-know-changes of the CARES Act that will benefit small business owners.

For more information please visit http://www.sgarcialaw.com

When asked for a comment, he said, “In March of this year, the government rolled out the CARES act to provide relief for Americans experiencing the adverse effects of COVID-19. Since then, as the situation has developed, the government has made changes to the relief program. Here’s what you need to know.”

The loan forgiveness portion of the Paycheck Protection Program (PPP) as part of the CARES act has been extended from 8 weeks to 24 weeks.

When asked what benefits this provides, Garcia said, “This change allows small businesses more time to use these funds from the federal government. They also have greater freedom in how to use the funds. Before the recent changes, the program specified that the minimum amount of funds that had to be allocated to full-time employees had to be 75% – this has now been reduced to 60%.”

One of the main aims of the PPP is to ensure that small businesses will retain or rehire their core workforce to curb unemployment.

“Because it’s been difficult for many small businesses to rehire their staff, the deadline to do so has been extended from June 30 to December 31, 2020. It’s important to note that small businesses can still get their PPP loans forgiven even if they are unable to rehire their staff by this date,” he said.

Garcia was quick to add that full forgiveness is possible if the business could not re-employ someone who was an employee of the eligible recipient on or before February 15 of this year.

“Furthermore, you can also get full loan forgiveness if your business can show its inability to hire someone who was similarly qualified by or before the deadline or if you can show that your business was simply unable to return to the same level of activity that you had experienced before February 15, 2020,” he added.

When it comes to loans that can’t be forgiven, according to Garcia, they must be paid back within 5 years, not 2.

“The new changes in the CARES Act were introduced to have a positive impact on small businesses during the corona pandemic. If you are unsure how these recent changes impact you and your specific business, don’t hesitate to contact a tax attorney,” he said.

Source: http://RecommendedExperts.biz

Contact Info:
Name: Senen Garcia
Email: Send Email
Organization: SG Law Group
Address: 2665 S Bayshore Dr #220, Miami, FL 33133
Phone: 305-606-6139
Website: http://www.sgarcialaw.com

Source: MM-REB

Release ID: 88974020