Insights + Resources

CARES Act: Will There Be a Phase 4?

Jul 10, 2020

With the economy and financial markets flashing mixed signals, it’s no wonder that lawmakers are deadlocked on whether to pass a Phase 4 of the CARES Act.

More than $3 trillion in stimulus has been pushed into the economy since March. Critics of a CARES Act Phase 4 package say the economy needs time to digest an unprecedented amount of federal spending. On the other hand, supporters say more is needed to help 21 million unemployed Americans and the many small businesses that continue to struggle with the pandemic’s impact.1,2

Here are a few changes being considered in Washington for a CARES Act Phase 4:

  • Another round of stimulus checks (the first round was in Phase 3)3
  • A payroll tax cut, a new idea being considered by the White House4
  • Liability shields for businesses against coronavirus impacts5
  • Workplace safety standards (steps taken by businesses vary widely)6
  • Additional funding for state and local governments (more than one million public-sector employees have been laid off since the outbreak)7

This is a confusing time as proposals can often get mingled with actual updates to existing rules. For example, did you know that the Small Business Administration extended until August 8, 2020, its deadline to apply for the Paycheck Protection Program? The extension was approved just recently.8

If you have any questions, please reach out to a dedicated team member at Epic Capital we would welcome the opportunity to provide additional insight. Meanwhile, we’re keeping close tabs on whether a CARES Act Phase 4 package moves to vote in Congress. Stay tuned on our website and social media for additional updates

Tags: , , , ,

More Insights

Market Update – Assessing the Technical Damange
Jul 26, 2024

Key Takeaways Volatility came back with a vengeance this week as selling pressure in the mega cap space dragged down the broader market. Counterbalancing weakness in these heavyweight names poses a challenge for the rest of the market. Overbought conditions can also be blamed for the recent weakness. The S&P 500 reached a 14.9% premium … Continue reading “Market Update – Assessing the Technical Damange”

Can You Use Life Insurance for Charitable Giving?
Jul 24, 2024

Life insurance can be an excellent tool for charitable giving. Not only does life insurance allow you to make a substantial gift to charity at relatively little cost to you, but you may also benefit from tax rules that apply to gifts of life insurance.

Social Security Survivor Benefits
Jul 22, 2024

When you think of Social Security, you probably think of retirement. However, Social Security can also provide much-needed income to your family members when you die, making their financial lives easier. Your family members may be eligible to receive survivor benefits if you worked, paid Social Security taxes, and earned enough work credits. The number … Continue reading “Social Security Survivor Benefits”

Making Investment Choices
Jul 19, 2024

Information vs. instinct. When it comes to investment choices, many people believe they have a “knack” for choosing good investments. But what exactly is that “knack” based on? The fact is, the choices we make with our assets can be strongly influenced by factors, many of them emotional, that we may not even be aware … Continue reading “Making Investment Choices”

Retirement Plans for Small Businesses
Jul 17, 2024

As a business owner, you should carefully consider the advantages of establishing an employer-sponsored retirement plan. Generally, you’re allowed certain tax benefits for establishing an employer-sponsored retirement plan, including a tax credit for establishing the plan and a deduction for contributions you make. In return, however, you’re required to include certain employees in the plan, … Continue reading “Retirement Plans for Small Businesses”

Insights + Resources >