COVID-19 and the CARES Act: What Business Owners Need to Know

On April 3, 2020, a panel of BNY Mellon Wealth Management experts discussed the recently passed CARES Act and its potential impact on business owners.

On April 3, 2020, Managing Director of Advice, Planning and Fiduciary Services Ben McGloin hosted a panel of our experts to discuss the recently passed CARES Act and its potential impact on business owners.

The panel included:

  • Jere Doyle, Senior Tax and Estate Planning Strategist
  • Jeff Mortimer, Director of Investment Strategy
  • John Winchester, Head of Private Bank Structural Financing
  • Boryana Zamanoff, Senior Wealth Strategist

As part of this discussion, the panel highlighted parts of the act specific to businesses, including the process for obtaining loans from the Small Business Administration (SBA) and special provisions for Emergency Economic Injury Disaster Loans (EIDL).

The slides from this discussion can be downloaded by clicking here.

A video of the panel can be viewed here:

One point of clarification from our Q&A session:  The SBAs Interim Rule clarifies that independent contractors of a borrower do not count for purposes of the borrower’s PPP loan amount or forgiveness calculations. Since independent contractors can also apply for a PPP loan, this was likely updated to eliminate potential double counting.