The Swiss-based CAS upheld the application for a "stay of the execution" of the bans, which were backdated to last June and due to end in December.
"The athletes are free to compete from now on but may have to serve the remaining part of their ban later if the sanction is eventually confirmed by CAS," the court said in a statement.
Both athletes argued that the offence was minor and sought to have the bans, which were handed down by a Jamaican anti-doping disciplinary panel, reduced to three months.
The CAS said a hearing has been scheduled for July 7-8.
Powell said on his Twitter feed: "God is good! Thank you to CAS for granting me this stay. I look forward to my day in court."
(Writing by Kayon Raynor in Kingston, Jamaica; Editing by Tony Goodson and Frank Pingue)
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