The ATA Chronicle - May/June 2020 - 8

FEATURE

BY TED R. WOZNIAK, PRESIDENT, AMERICAN TRANSLATORS ASSOCIATION

ATA Members and the CARES Act

T

he Coronavirus Aid, Relief, and
Economic Security (CARES) Act
provides emergency assistance and
health care response for individuals,
families, and businesses affected by the
2020 coronavirus pandemic. It's intended
to mitigate the impact of the nationwide
economic shutdown.
The provisions that are pertinent to
ATA members are summarized below
for your information. As with all such
legislation, some of the implementation
details must still be worked out by the
relevant agencies.
The CARES Act is 880 pages long and
contains many more provisions than
can be covered here. The focus below is
on the provisions that are most likely to
affect ATA members, both individual
and corporate.
This overview is for information
only and does not constitute business,
financial, or legal advice. You should
consult with an accountant, financial
advisor, or the appropriate federal or
state authority on your eligibility for any
of these relief measures before making
concrete decisions.
8

The ATA Chronicle | May/June 2020

But don't delay too long. It's not
inconceivable that demand for some
of these funds, such as Small Business
Administration loans, may be rapid
and strong.

MAJOR PROVISIONS OF INTEREST TO
ATA MEMBERS
■	

The tax credits should apply to most of
our individual members; top earners,
or those with significant other income,
not so much.

■	

The social security tax deferrals will
help all members a bit.

■	

The unemployment provisions will
help anyone who has been diagnosed
with COVID-19 or has had to care for
a stricken family member.

■	

The student loan deferrals will help
members with such loans.

■	

The loans will help company owners,
including single-person companies
who pay themselves a salary, and
independent contractors.

■	

There is also the option for an employer,
including an owner/employee, to pay

up to $5,250 in 2020 on an employee's
student loan, with the payment being
tax-free to the employee and the total
payment going to principal.

As with all such legislation, some
of the implementation details
must still be worked out by the
relevant agencies.
Unemployment Insurance:
Beneficiaries will receive an additional
$600 per week for up to four months.
Benefits are extended to self-employed
workers and independent contractors.
■	

Check with your state unemployment
benefits agency for details on how to
apply. This does not apply to individuals
who have the ability to telework with
pay or individuals receiving paid sick
leave or other paid leave benefits.

Recovery Rebate: Provides a $1,200
refundable tax credit for individuals
www.atanet.org


http://www.atanet.org

The ATA Chronicle - May/June 2020

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