What Are the Major Components of the CARES Act?

Wednesday, May 27, 2020

What Are the Major Components of the CARES Act?

A resident of Henderson, Nevada, which is just outside of Las Vegas, Kevin Romney currently oversees real estate properties and identifies new investment opportunities as the chief investment officer of the Camino Verde Group. A former CPA and senior accountant for Ernst and Whinney, Las Vegas professional Kevin Romney also offers expertise in federal legislation designed to boost American businesses and stem economic losses related to the COVID-19 pandemic.

The Coronavirus Aid, Relief and Economic Security (CARES) Act is a piece of federal legislation that passed the United States House of Representatives and was signed into law on May 27, 2020, by President Donald Trump. It provides a third round of governmental support to help boost the economy and address the impact of COVID-19 on public health.

In addition to providing assistance to state and local governments, health care providers, and businesses, the CARES Act expanded unemployment provisions to provide an additional $600 in weekly benefit to recipients. The act also established a forgivable loan program for small businesses known as the Payroll Protection Program, and provided a recovery rebate for individual taxpayers. The rebate provides up to a $1,200 tax credit for individuals, in addition to a flat $500 credit for each dependent child.

For additional information and specific components of the CARES Act, visit home.treasury.gov/policy-issues/cares.

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About Me

Kevin D. Romney is the President of the Romney Group, a Henderson, Nevada, consulting firm he founded in 1989. Since then, the company has grown into a three-state operation, employing over 200 professionals at its Texas and Nebraska facilities and posting more than $3.5 million in annual revenue. Under Kevin D. Romney's guidance, the Romney Group's expansion included a call center division that he merged with Paramount MultiServices in 2003. Today, the company's consulting operation remains headquartered in Henderson, Nevada.

Kevin D. Romney has a long and successful history of turning ideas into enterprises. After earning a Bachelor of Arts in Accounting from Brigham Young University's Marriott School of Business, he worked for a time in the mid-1980s as a CPA at Ernst and Whitney, a Dallas, Texas-based public accounting firm, before taking a job as an Accounts Payable Supervisor for Partners National Health Plans. In 1988, he quit working for others and went into business for himself, founding the Romney Vending Company in DeSob, Texas. Within a year, he had expanded his business ventures to include the Romney Group; he later sold the vending company in 1995. When the Romney Group's call center division split away from the rest of the company and merged with Paramount MultiServices, he took on the role of President at Paramount, and he continues to help run the operation. He has recently moved into international franchise development and has found success in that business as well.

When not at work running his businesses, Kevin D. Romney enjoys spending time with his family. He travels when his schedule permits, and he has a particular fondness for the outdoors and for visiting national and state parks.