Search Results for keywords:"CARES Act"

This document contains the final regulations providing additional guidance on the limitations for deducting business interest expenses under section 163(j) of the Internal Revenue Code. These regulations reflect changes made by the Tax Cuts and Jobs Act and the CARES Act, addressing how the limitation applies to various entities such as passthrough entities, regulated investment companies, and controlled foreign corporations. The rules also offer guidance on definitions related to real estate and set applicability dates for these regulations. Ultimately, these updates aim to clarify how businesses can calculate their deductions for interest expenses while considering the legislative amendments.

The Department of the Treasury is requesting public comments on its information collection activities related to the Air Carrier Loan and Payroll Support Programs. These programs were established to provide financial assistance during the COVID-19 pandemic under several laws, including the CARES Act and the American Rescue Plan Act. Although new applications are no longer being accepted, participants must continue to submit quarterly compliance reports and maintain records for a minimum of five years. The deadline for submitting comments is May 28, 2025.

The Food and Drug Administration (FDA) is seeking public comments on a proposed information collection related to the registration of drug producers and the listing of drugs in commercial distribution. This effort supports the implementation of the Federal Food, Drug, and Cosmetic Act (FD&C Act) and aims to maintain up-to-date drug information to ensure public health. Key updates include exemptions for certain biological products under new guidelines resulting from the CARES Act and recommendations for emergency planning to maintain drug supply. The public can provide feedback by January 21, 2025, through the specified OMB website link.

The Food and Drug Administration (FDA) is seeking public comments on a proposed information collection related to medical device shortages. Under the Paperwork Reduction Act, they must announce proposed data collection plans and allow a 60-day public comment period. This data will help the FDA manage medical device availability during emergencies by obtaining information on production changes that could cause shortages. Additionally, the CARES Act gives FDA the power to require notifications from manufacturers about disruptions that could impact device supply, especially during public health emergencies.

The Department of the Treasury is inviting public comments on its plan to collect information related to the CARES Act Loan and Payroll Support Programs for air carriers and other eligible businesses. This request is part of an effort to reduce paperwork and ensure compliance with existing financial assistance agreements under the CARES Act and subsequent laws. The Treasury Department needs to gather feedback on several aspects, including the necessity and practicality of the information collection and ways to reduce the burden on respondents. Comments about this process are accepted until March 31, 2025.

The Department of Health and Human Services has withdrawn an earlier notice from the FDA about fee rates under the Over-the-Counter Monograph Drug User Fee Program for 2021. This withdrawal is due to the lack of delegated authority for the FDA to issue the notice. Consequently, the FDA has stopped all efforts to collect fees for this program until new instructions are announced. The original notice, part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), was published on December 29, 2020, and is officially withdrawn as of January 6, 2021.

The National Endowment for the Arts (NEA) is inviting comments on a proposed information collection as part of their efforts to lessen paperwork and respondent burden. This survey aims to assess the impact of CARES Act funding on state arts agencies. Feedback is sought particularly on the necessity, usefulness, and clarity of the information to be collected, as well as ways to minimize the burden of this data collection on respondents. Submissions are due by April 19, 2021.

The Federal Communications Commission (FCC) is asking for public comments on how to evaluate applications for the COVID-19 Telehealth Program, a program designed to help healthcare providers connect with patients during the pandemic. The FCC is looking to provide more funding for telehealth services, using funds allocated by Congress, and they want input on how to prioritize applications, especially for areas and providers that were heavily impacted by COVID-19. They plan to ensure that every state and the District of Columbia has at least one applicant that receives funding. Additionally, they propose changes to the application process and are considering prioritizing applicants who did not get funding in the first round. The goal is to improve the program while making funds available to those who need it most.

The Board of Governors of the Federal Reserve System is making changes to financial reporting requirements for holding companies and Edge corporations. These updates include revising the definitions and reporting instructions related to savings deposits and including new temporary data items associated with the CARES Act and the Paycheck Protection Program Liquidity Facility (PPPLF). The Board also plans to address concerns about consistency across different reports, such as ensuring that savings deposits are consistently classified in the Call Report and other financial statements. Additionally, they have issued clarifications for recording uncollectible accrued interest, shared fees from securities-related activities, and pledged equity securities.

The Department of Health and Human Services has issued a notice clarifying that businesses that started producing hand sanitizers during the COVID-19 pandemic are not required to pay certain facility fees under the Food, Drug, and Cosmetic Act. These businesses, many of which normally produce alcoholic beverages, were allowed to make hand sanitizers due to a temporary policy by the FDA to address shortages. The Department emphasizes that imposing such fees would be inconsistent with the intent of the CARES Act and clarifies that these businesses are not considered drug manufacturing facilities under the law, unless they also engage in producing other over-the-counter drugs.