As the coronavirus (COVID-19) crisis continues to create challenges for many businesses in the United States, the federal government is planning a second economic stimulus bill—the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act—to supplement the earlier Coronavirus Aid, Relief, and Economic Security (CARES) Act and increase funding in several key areas.
As the CARES Act highlighted, quickly enacted funding legislation—like the additional tax credit provisions outlined in the HEALS Act—can lead to unexpected tax consequences.
The CARES Act provided a variety of options for businesses to access funds to make payrolls and sustain operations, and the HEALS Act builds on these programs with key refinements
Affecting businesses, schools, healthcare providers, and nonprofits, the HEALS Act seeks to provide a shield against frivolous lawsuits related to COVID-19 diagnoses.
The HEALS Act aims to support the US healthcare infrastructure with funding to enhance telehealth options, continue research, and manage labor and employment concerns.
With additional funding for consumers and various levels of loan forgiveness, financial institutions and landlords will need to navigate what this means for the banking and real estate industries.
The expiration of the CARES Act’s unemployment benefits prompted the urgency behind the HEALS Act to extend the temporary assistance program and encourage hiring as businesses reopen.