On December 27, 2020, President Trump signed The Consolidated Appropriations Act, 2021, which extended certain provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The majority of provisions include providing financial assistance for businesses and individuals, so many are wondering what role does HR play? Why should HR care about the CARES Act? Here's a list of some practical takeaways for HR.
NOTE: The CARES Act is complicated and requires the assistance of your CPA, financial advisor, and legal counsel. MRA can provide educational information, however we cannot advise employers on financial decisions related to loans, interest rates, differences between loan programs, SBA regulatory definitions and requirements.