Congress responded to the COVID-19 pandemic with a great volume and variety of relief measures in the Coronavirus Aid, Relief and Economic Security (CARES) Act. Small businesses quickly focused on the Paycheck Protection Program and emergency loans. The enhanced unemployment benefits and payroll tax changes were of interest to all. And employee retention credits were widely noted.

But the legislation also includes several significant changes that have received less public attention. Some old tools are being applied to provide new relief. Modifications were made to the rules for carrying back net operating losses, limitations on business interest expense deductions, claiming corporate alternative minimum tax credits and allowing bonus depreciation – all designed to provide immediate tax relief and offer new opportunities for refunds.

These measures will help some companies smooth out a portion of the financial hurt. But there are certain time restrictions for taking advantage of the opportunities, so don’t delay. Check with your trusted consultants to determine the potential benefit of these provisions to your business.

Several good analyses are available for more detail:

Bill Waltz is vice president of taxation & public finance for the Indiana Chamber. He is also an attorney and has been with the organization for 16 years.