Tax Benefits for Individuals
Extension of the filing deadline and payment deadline for individuals until July 15
Individual Retirement Account deposits also delayed until July 15
Many states, including Georgia, have followed this approach
Provides recovery rebates to individuals
$1,200 for individuals
$2,400 for married filing jointly couples
$500 children under 17
Effective April 1 enhanced paid sick leave for individuals adversely impacted by the pandemic
Underwritten 100% by federal funding
Enhanced unemployment for individuals
$600 over weekly state amounts up to 39 weeks
Special rules to permit application of retirement funds
Enhanced charitable deduction starting in 2020
Employer payments, up to $5,250, for student loan payments tax-free to employees
Expanded use of Health Saving Accounts and Flexible Spending Accounts for over-the-counter medicines
Diagnostic and lab testing and vaccines covered by health insurance plans
Tax Benefits for Businesses
Three new loan programs to support businesses
One of the programs provides a forgiven loan to maintain employees at work
Payroll tax relief in delayed payment dates
Reduced payroll tax (via payroll tax credit) for employers to retain and pay workers
Enhanced business benefits in treating business losses and interest expense deduction
Last updated: April 11, 2020