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The Coronavirus Aid, Relief and Economic Security Act (CARES Act) establishes many significant loan programs and tax benefits to help tribal-owned businesses stay afloat and retain employees during the public health emergency created by COVID-19.
Some key findings to consider if applying: a tribal business cannot take this tax credit if it also gets a Payment Protection Program (PPP) loan; loan forgiveness is not permissible under Title IV loan programs; and for purposes of eligibility and size, tribal business concerns won’t be affiliated with the tribe or other tribal enterprises (such as gaming enterprises). For more detailed guidance, click here.
– Quarles & Brady LLP reports