Florida Governor Issues Executive Order Suspending Taxes on CARES Act Loans

News Apr 6, 2020 Fort Lauderdale, FL

Governor Ron DeSantis has issued an Executive Order directing the Department of Revenue to issue an emergency order suspending taxation imposed under Chapter 201, Florida Statues, for notes and other written obligations made pursuant to Title I of the CARES Act. This Order will allow employers receiving money from the federal CARES Act to use the full dollar amount to pay their rent and assist their employees.

Requiring payment of documentary stamp taxes on these loans would have discouraged small businesses in Florida from applying and would have limited the funds available to these employers. The attorneys at Greenspoon Marder were among the first to recognize this issue. Our firm communicated our concern to those that were able to communicate with the Governor’s office to bring about the needed change and the state found it would be in the best interest of all to encourage small businesses to apply for these loans.

The directive is set to remain in effect until the expiration of Executive Order 20-52, including any extensions.

Click here to view the full Executive Order.

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Florida Governor Issues Executive Order Suspending Taxes on CARES Act Loans

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