CARES Acts

OVERVIEW OF THE MARCH 27, 2020 FEDERAL CARES ACT

The CARES Act signed into law on March 27, 2020 allocates $350 billion to help small businesses keep workers employed amid the coronavirus (COVID-19) pandemic and economic downturn. Known as the Paycheck Protection program, the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency.

The Small Business Administration (SBA) and the Department of Treasury have begun releasing the information that will guide the programs created through the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

To stay up to date on the implementation of these programs, please visit the following websites:

SBA – here you will find information on all coronavirus (COVID-19) related programs that SBA is providing, including the Paycheck Protection Program, Economic Injury Disaster Loans and Emergency Grants, and Small Business Debt Relief.

Department of Treasury – here you will find information on the Paycheck Protection Program, as well as other tax provisions meant to help employers, including non-profits.

To help small business owners and entrepreneurs better understand the stimulus programs that are available to them and how to apply for loan forgiveness, here is a link to a comprehensive guide to many of the small business provisions in the CARES Act that was passed by Congress on March 27. The small business provisions are aimed at providing relief for businesses and employees that have been negatively impacted by the coronavirus (COVID-19) outbreak, by providing funds to keep employees on payroll, pay rent, and more. These programs and initiatives are intended to assist business owners with whatever needs they have right now, to help them weather the storm.

While these programs are being implemented, you may continue to check back with the links above and our website as sources of information about the major programs and initiatives that will soon be available from the SBA and United States Treasury. While the first round of CARES Act small business loans have already been reserved for those small businesses that applied earliest, it is quite likely that additional relief funds will be allocated.

FAQs

What is the CARES Act?

The CARES Act is a stimulus package that provides paycheck protection loans to small businesses to keep employees employed during the COVID-19 Pandemic.

How does CARES Act help me?

If you are a small business owner or entrepreneur, or run another qualifying business affected by the COVID-19 Pandemic (like a nonprofit), you can apply for a loan to cover payroll, rent, benefits. The loan will be forgiven if you can show you use the funds for the purposes the government intended when giving the loan.

Where can I get more information about the CARES Act?

Visit the Small Business Association (SBA) government website for more information. You can also consult with an accountant or an attorney if you have specific questions.

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