The Covid-19 pandemic has triggered the worst job crisis in the history of humanity, which has led to an increase in poverty and widened inequalities. Some countries have taken various measures to cope with the covid situation to curb the increasing job crisis. During the lockdown situations, employers have struggled to manage their workforce and run their businesses effectively. As a result, the companies have faced challenges such as tight margins, a smaller workforce.
Another hurdle faced by most companies is implementing safety measures. It is strenuous to ensure the sanitizer application and corroborate that all the employees abide by the new norm. Following this rampant COVID wave, the CARES Act self-employment tax provides a ray of hope to many who have faced job loss or are on the verge of getting there. The CARES Act became a fully-fledged law in March 2020 and this Act was the most extensive economic stimulus package in the history of the U.S. The PPP (Paycheck Protection Program) is a part of the CARES stimulus package, which holds the interest of the business owners. The PPP program was initiated to help the struggling business to cover the payroll cost.
Source : CPA Due Diligence
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