On Thursday March 19, 2020, Senate GOP Leader Mitch McConnell unveiled his opening bid for a "Phase III" bill to respond to the economic impact, on both individuals and businesses, of the coronavirus pandemic.
The measure includes direct payments to individuals and a variety of tax and non-tax lending provisions to help struggling businesses. Many of the tax items, will be of interest to Company's cashflows and financial statements. Certain provisions notable include:
Please keep in mind that this is only the beginning stage of the bill. Congressional Democrats have voiced their disapproval with the bill, and given the need to obtain Senate Democrat support and for a measure to pass the Democratically-controlled House, they will undoubtedly have changes. More to come.