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Thursday, 09 April 2020 22:32

New Pro Training Series Opens with 'COVID-19 Stimulus Package – What’s in the New Law for Small Businesses'

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Hunt Demarest Hunt Demarest

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In an effort to keep the collision repair community moving forward through the current challenges, Carquest Technical Institute (CTI) and Worldpac Training Institute (WTI) collaboratively developed a series of technical and management classes focused on necessary topics for navigating business operations during the COVID-19 pandemic.

More than 1,000 attendees tuned in April 7 for the first free training session, “COVID-19 Stimulus Package---What’s in the New Law for Small Businesses,” presented by Hunt Demarest, CPA/ABV, of Paar, Melisa & Associates.

 

Bob Cushing, executive vice president, professional, at Advance Auto Parts, welcomed attendees and explained the webinars were scheduled to meet the demands of the current environment.

 

“We are going to be better and stronger than ever when we get through this. The automotive industry is positioned to rebound quickly,” Cushing encouraged, before introducing Demarest.

 

Demarest began by noting the automotive and collision industry is among the many communities that have been impacted by the coronavirus.

 

“Automotive is considered an essential service because you guys are there to help people and support the community, but you also want to take care of your team,” Demarest said.

 

The Coronavirus Aid, Relief and Economic Security (CARES) Act is a $2.1 trillion stimulus package, and of those funds, 30% have been allocated to individuals/families, 25% to big business, 19% to small business, 17% to state/local government and 9% to public services, Demarest explained.

 

The Small Business Administration (SBA) will provide up to $2 million in disaster assistance loans to small businesses impacted by the coronavirus.

The Family and Medical Leave Act (FMLA) has been expanded to businesses of all sizes during this crisis, requiring businesses to pay employees forced to quarantine due to their symptoms or someone’s within their household, as well as for childcare needs related to COVID-19; however, there will be a tax credit available to businesses for this expense.

 

Demarest recommended contacting an accountant for specifics if this situation arises, since each state has its own unique requirements related to FMLA.

 

According to Demarest, the CARES Act is designed to provide financial assistance to Americans, stabilize the economy, bring relief to small businesses and workers and support health care workers and patients.

 

The first part of the CARES Act allots $1,200 to each single individual making up to $75,000 annually, or $2,400 for married couples earning up to $150,000, plus $500 per child; reductions apply after those income thresholds.

 

The IRS will be making direct deposits to anyone who is eligible and completed a tax return with direct deposit in 2018 or 2019. Those who did not use direct deposit will receive a check in the mail.


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