The Coronavirus Aid Relief and Economic Security (CARES) Act has added to our tax lexicon COVID-19 distributions and loans. Because loans must be repaid and COVID-19 distributions are exempt only from the premature distribution penalty and not income tax, they’re imperfect solutions for employees. Employees at well-capitalized firms may have better options to receive financial assistance than borrowing or getting COVID-19 distributions. Specifically, does an employer have either a disaster
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