The Senate passed the CARES Act late last night. This bill still needs to be passed by the House of Representatives, a voice vote is scheduled for tomorrow. Some provisions of this bill are as follows: (No specifics are available of the whole bill as of yet) Retirement Plans: The bill waives the 10% penalty for early withdrawals up to $100,000. Any income attributable to the withdrawal is payable over a 3 year period. Taxpayers may repay the withdrawal over a 3 year period as well. This provision applies to any individual who experience adverse financial consequences as a result of quarantine, business closure, layoff or reduced hours due to the virus. Employee Retention Credit: The CARES Act would grant eligible employers a credit against employment taxes equal to 50 percent of qualified wages paid to employees who are not working due to the employers full or partial cessation of business or a significant decline in gross receipts. The credit is available to be claimed on a quarterly basis, but the amount of wages, including health benefits, for which the credit can be claimed is limited to $10,000 in aggregate per employee for all quarters. The credit applies to wages paid after March 12, 2020 and before January 1, 2021. Payroll Tax Deferral: Payroll taxes due from the period beginning on the date the CARES Act is signed into law and ending on December 31, 2020, are deferred. The entirety of t payroll taxes incurred by employers, and 50 percent of payroll taxes incurred by self-employed persons qualify for deferral. Half of the deferred payroll taxes are due on December 31, 2021, with the remainder due on December 31, 2022. Additional Provisions: The exclusion from tax of any forgiven small business loans, mortgage obligations, or other loan obligations forgiven by the lender during the applicable period.