What Employers Need to Know About the COVID-19 CARES Act
Author: XpertHR Editorial Team
The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27, 2020. The CARES Act aims to help employers keep workers on their payrolls and provide economic stability while businesses across the nation suffer due to the coronavirus (COVID-19) crisis.
The CARES Act includes several employment related provisions, including:
- Families First Coronavirus Response Act (FFCRA) changes;
- Employee Retention Credit (ERC);
- Deferred payroll tax deposits;
- Paycheck Protection Program (PPP);
- Expanded employer-provided student loan assistance;
- Suspended student loan garnishment collections;
- Expanded unemployment insurance program;
- Health care benefit plan rule changes;
- Retirement plan special rules; and
- Expanded US Department of Labor authority to postpone certain deadlines.
Additional provisions directed at the health care system (e.g., coverage and pricing for diagnostic testing, support for health care providers, nursing workforce development) are mentioned only tangentially in this resource.