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House Approves $2.2 Trillion Stimulus Plan

March 27, 2020

By: Amanda WilsonFerran Arimon

Earlier today, the House of Representatives passed the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act. The CARES Act was previously passed by the Senate on Wednesday, and is expected to be signed by President Trump. The $2.2 trillion stimulus plan includes the following:

  • $500 billion business loan program. This portion of the bill was a major point of contention between the parties and contains considerable oversight from both parties. The emergency loan program includes loans for both large businesses and municipalities dealing with the impacts of COVID-19. No children, spouses, or in-laws of lawmakers and executive officials may qualify for these loans.

  • Supplemental unemployment insurance. The bill will increase unemployment insurance by $600 per week for a period of 4 months. This benefit will be extended to contractor-type workers who are not receiving a paycheck from their employers but are still getting health insurance coverage. This $600 is in addition any state paid unemployment salaries.

  • Expanded hospital funding. The bill includes $150 billion allocated toward hospitals treating COVID-19 patients, with $100 billion to go directly to hospitals, $49 billion to go toward medical equipment, and $1 billion to go to the Indian Health Service (Federal Health Program for American Indians and Alaska Natives).

  • State and local government aid. The bill allocates $150 billion to state and local governments dealing with the impacts of COVID-19.

  • Direct payments to adults. Adults making $75,000 or less annually (based on their latest tax returns) will receive a one-time check for $1,200. Qualifying households will also receive a $500 payment per child.

  • Small business loans. The bill includes an allocation of $367 billion to be directed toward providing loans for small businesses impacted by COVID-19. 

The CARES Act also includes several tax provisions, a discussion of which can be found here.

Be sure to visit our Coronavirus (COVID-19) Response Team page to keep up to date on the latest news.


This article is informational only. You should consult an attorney before acting or failing to act. The law may change rapidly and no warranty is given. LOWNDES DISCLAIMS ALL IMPLIED WARRANTIES AND WITHOUT LIMITATION, ANY WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE. ALL ARTICLES ARE PROVIDED AS IS AND WITH ALL FAULTS. Consult a Lowndes attorney if you wish to establish an attorney/client relationship.
Ferran

Ferran Arimon is an attorney in the firm’s Commercial Real Estate Group. He focuses his practice on commercial real estate transactions, including the acquisition, disposition, financing, development and leasing of various property types, as well as construction financings and re-financings. His practice also includes corporate and securities law.

Ferran regularly advises buyers, sellers, developers, landlords and tenants in real estate transactions related to multifamily developments, industrial properties, office buildings, shopping centers, restaurants, hotels, retirement communities and vacant land. He also assists clients with leasing contracts, title review and survey analysis, contract negotiation for purchase and sale, due diligence, negotiation of transfer documents and finalizing of transaction closings.

Additionally, Ferran has experience in corporate and securities law, mergers and acquisitions, and tax law. He has worked with clients to structure financing transactions in compliance with federal and state securities laws, having represented both public and private companies in mergers, acquisitions, capital raising, and corporate governance matters. He has also counseled clients on a broad range of tax issues and business planning issues from entity selection and formation to dissolutions.

Prior to law school, Ferran was an analyst at real estate investment management company in Miami. His role centered around underwriting, valuing, and identifying acquisition opportunities for distressed or value-add commercial and residential real estate acquired through joint ventures, direct Investments and non-performing loans portfolios.

Fluent in Spanish, Ferran regularly writes articles on a variety of emerging legal issues.

Ferran earned his law degree from the University of Florida Levin College of Law and his MBA from the University of Florida Warrington College of Business. Prior to law school, he received his undergraduate degree from Babson College, where he majored in finance and was a member of the men’s tennis team.

Amanda

A member of the firm’s tax practice, Amanda Wilson concentrates on federal tax planning and structuring. She represents clients in a wide variety of complex federal tax matters with a particular emphasis on pass-through entities such as partnerships, S corporations and real estate investment trusts.


Specifically, Amanda focuses on advising clients on the formation, operation, acquisition and restructuring of such pass-through entities. In addition, she regularly advises clients on the structuring and operation of private equity funds, real estate funds and timber funds. Amanda is the author of the Bloomberg Tax Management Portfolio 718-3rd Edition, Partnerships- Disposition of Partnership Interests or Partnership Business; Partnership Termination.

Amanda regularly works in structuring deals to benefit from tax advantaged structures, including like-kind exchanges, new market tax credits, low income housing tax credits, and qualified opportunity zones. Amanda also has extensive experience in corporate planning and international tax matters, as well as federal tax controversy. Her practice before the Internal Revenue Service (IRS) includes providing advice on audits and appeals, drafting protests and ruling requests, and negotiating settlements.

Prior to joining the firm, Amanda worked for Sutherland Asbill & Brennan LLP (now Eversheds Sutherland), an Am Law 100 firm in the Atlanta office, where she was part of Sutherland’s Tax Practice Group. Amanda has also served as an adjunct professor at Emory University School of Law where she taught Partnership Taxation.

Amanda regularly contributes to the firm’s Taxing Times blog and is a regular panelist on tax webinars hosted by Strafford Publications.

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