CARES ACT Update/Info
WHAT TREASURY IS DOING
The Treasury Department is supporting American workers and businesses who are impacted by the coronavirus. In February, Secretary Mnuchin was appointed to the President’s Coronavirus Task Force, where he meets daily with the Vice President and our nation’s top health officials. For the latest information from the Task Force, please visit www.whitehouse.gov/news/.
ASSISTANCE FOR AMERICAN WORKERS AND FAMILIES
In the weeks immediately after the passage of the CARES Act, Americans will see fast and direct relief in the form of Economic Impact Payments. For more information, CLICK HERE.
ASSISTANCE FOR SMALL BUSINESSES
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
PRESERVING JOBS FOR AMERICAN INDUSTRY
The CARES Act assists eligible businesses looking for payroll support to keep Americans working. For more information, CLICK HERE.
The IRS rolled out a refundable tax credit that is 50 percent of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. For answers to frequently asked questions, CLICK HERE.
PROCEDURES AND APPLICATIONS FOR TREASURY PROGRAMS
Guidelines and Application Procedures for Payroll Support to Air Carriers and Contractors under Division A, Title IV, Subtitle B of the CARES Act
Procedures and Minimum Requirements for Loans to Air Carriers and Eligible Businesses and National Security Businesses under Division A, Title IV, Subtitle A of the CARES Act
If you receive calls, emails, or other communications claiming to be from the Treasury Department and offering COVID-19 related grants or stimulus payments in exchange for personal financial information, or an advance fee, or charge of any kind, including the purchase of gift cards, please do not respond. These are scams. Please contact the FBI at www.ic3.gov so that the scammers can be tracked and stopped.
Fraud involving payment of Federal taxes should be reported to the Treasury Inspector General for Tax Administration.
RECENT REMARKS, TESTIMONY, AND STATEMENTS
Statement by Secretary Steven T. Mnuchin on the Passage of the CARES Act
Statement by Secretary Steven T. Mnuchin on Essential Financial Services Workers
Statement of G7 Finance Ministers and Central Bank Governors
Treasury and Federal Reserve Board Expand Measures to Enhance Liquidity and Flow of Credit to American Workers, Households, and Businesses
Treasury and IRS Delay Federal Tax Day from April 15 to July 15 Due to COVID-19 Outbreak
Treasury, IRS, and Labor Announce Plan to Implement Coronavirus-Related Paid Leave for Workers and Tax Credits for Small and Midsize Businesses to Swiftly Recover the Cost of Providing Coronavirus-Related Leave
Statement from Secretary Steven T. Mnuchin on the Establishment of the Money Market Mutual Fund Liquidity Facility
Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak
Statement from Secretary Steven T. Mnuchin on the Establishment of a Primary Dealer Credit Facility
Statement from Secretary Steven T. Mnuchin on the Establishment of a Commercial Paper Funding Facility to Support the Flow of Credit to Households and Businesses
Statement from Secretary Steven T. Mnuchin Regarding House-passed Coronavirus Response Legislation
Readout from a Treasury Spokesperson on Under Secretary McIntosh’s call with G7 Counterparts
Meeting of G7 Finance Ministers and Central Bank Governors to be Hosted by Videoconference
Statement of Secretary Steven T. Mnuchin Before the U.S. House Appropriations Subcommittee on State, Foreign Operations, and Related Programs
Readout of Call of President’s Working Group on Financial Markets