Coronavirus Relief Bill Becomes Law
The House of Representatives, on a voice vote March 27, passed a bill that will give businesses access to forgivable loans and grants to keep operations going as the economy grinds to a halt due to the novel coronavirus COVID-19…
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pandemic. President Donald Trump signed it later that afternoon. It includes a provision that could help importers that have been unprofitable after the imposition of Section 301 or Section 232 tariffs (see 2003250025). Companies can use the losses they incurred in 2018, 2019 or 2020 to get income tax refunds from the previous five years. They could apply now for those 2018 and 2019 losses. The bill also sets in motion a study of the U.S. medical product supply chain.