Income Taxes

6 Months Ended

Jun. 30, 2020

Note 14—Income Taxes

The following table provided a summary of Company's effective tax rate:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020			2019
Reported tax rate	40.0	%	16.5	%		30.2	%		(109.8)	%

The increase in the reported tax rate for three months ended June 30, 2020 compared to the same period in 2019, is a result of higher taxable income on GRE business that is not offset by losses on other business. The provision for income taxes in the six months ended June 30, 2020 is a result of consolidated taxable income of GRE. The benefit from income taxes in the six months ended June 30, 2019 is a result of a loss during the period.

CARES Act

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into U.S. federal law, which is aimed at providing emergency assistance and health care for individuals, families, and businesses affected by the COVID-19 pandemic and generally supporting the U.S. economy. The CARES Act, among other things, includes provisions related to refundable payroll tax credits, deferment of the employer portion of social security payments, net operating loss carryback periods, modifications to the net interest deduction limitations, and technical corrections to tax depreciation methods for qualified improvement property. For the three and six months ended June 30, 2020, the CARES Act did not have a significant impact on the consolidated financial statements.

On April 22, 2020, the Company obtained a Paycheck Protection Program Loan (the “PPP Note”) sponsored by the Small Business Administration (the “SBA”) under the CARES Act through a bank, providing for $2.4 million in proceeds, which were received on April 27, 2020. Based in part on additional guidance issued by the SBA, the Company returned the entire amount, plus minimal interest on May 6, 2020.

The Company expects to continue to assess the impact of the legislation to the consolidated financial statements.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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