The CARES Act includes a number of provisions that NRF advocated for to benefit retailers, both directly and indirectly:
- A $350 billion Paycheck Protection Program providing forgivable Small Business Administration loans to retail businesses with under 500 employees, and a $500 billion program the Federal Reserve can use to provide $4.5 trillion in relief for larger retail companies.
- An expansion of unemployment insurance for retail workers to 39 weeks instead of the usual 26; recipients will receive an extra $600 per week in addition to the standard amount in their states, payable immediately.
- Relief for retail workers and consumers including one-time checks of $1,200 per adult and $500 per child.
- Tax relief, including an estimated $15 billion from fixing the “retail glitch” in the 2017 tax reform law, the ability to “carry back” this year’s losses to profitable years and obtain a refund, an Employee Retention Tax Credit to encourage retail businesses to keep employees on the payroll, and expanded deduction of interest paid on retail business loans.
On April 30, the Federal Reserve Board announced it is expanding the scope and eligibility for the Main Street Lending Program. Learn more.
Loan Resources
More about the CARES Act
Section-by-section summaries
- NRF Key Provisions Summary
- Paycheck Protection Program, provided bySteptoe
- Small Business Guide to DOL Guidance on COVID-19 Paid Leave, provided by Ulman
- Senate SBC Small Business Provisions
Educational webinars
U.S. Treasury Resources
- CARES Act overview
- Paycheck Protection Program resources
Small Business Administration Resources
IRS: employee retention credit guidance
Department of Labor
- Temporary Rule: Paid Leave under the Families First Coronavirus Response Act
- Guidance on UI Provisions in the CARES Act: Summary, Instructions (letter no. 16-20), Instructions (letter no. 16-20)
The CARES Act Webinar
NRF’s policy experts hosted a webinar to discuss key takeaways from the CARES Act and the provisions that offer the most economic relief to retailers, our associates and consumers during this difficult time.
More resources
State Resources for Retailers on COVID-19
State-level resources and information for retailers on the COVID-19 pandemic.
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