Everyone is talking about PPP, but no one is talking about the other 800 pages that makes up the CARES Act and how it can help construction companies. Today we speak with Mike Desiato of Cherry Bekaert, a national CPA firm, about 9 other parts of the CARES Act and how they could help your construction company save or recoup money.
- Relief under existing SBA loans.
- Deferral of employment taxes.
- Employee retention payroll credits.
- Early withdrawal from retirement plans.
- Recovery rebates.
- Modification of limitation on losses for owners of pass through entities ( S Corps and LLCs).
- Changes to the NOL (net operating loss) rules.
- Changes to the limitations on the deductibility of business interest expense.
- Changes to depreciation of “Qualified Improvement Property”.
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