Congress Signs 2 Trillion CARES Act to Help Small Businesses

Congress Signs 2 Trillion CARES Act to Help Small Businesses

If you’ve already been reading the headlines recently you are probably aware that there is a lot of uncertainty in the economy at the present time. Luckily for the residents and businesses of our nation the government has cobbled together a response in record time in what has come to be called the CARES act. This legislation is a combination of multiple economic stimulus products that have been tailored to help small businesses and everyday Americans.

What are small businesses going to get?

It is pleasant to talk about how there is 2.2 trillion dollars worth of aid included in the plan as a whole but that does you no good if you are unaware of how to access these perks. The majority of the features will come through either the Treasury directly or the Small Business Administration.

What is the Paycheck Protection Program?

Due to the lockdown, there are millions of businesses that have been compelled to close their doors. Many of these businesses were not prepared for an disruption in economic activity for quite this long. This has led to lots of them being forced to let their staff go. The PPP is a grant program that small businesses with under five-hundred staff members can have the government pay the salaries of their employees for them for a short time period.

Who qualifies for Small Business Disaster Loans?

There are a bunch of businesses that have struggled with economic damage as a result of the shutdown. The Small Business Administration has been giving forgivable loans for companies that become eligible.

Being approved for the Expanded Unemployment Benefits

The federal government has vowed to give an further $600 per week each week for up to four months on top of whatever their state’s regular unemployment benefits give to their citizens. Some people are in reality making more at the moment being on unemployment than they made at their job.

What is the latest Status of the Program?

It is hard to say for sure what would have happened if the government had not stepped in at all so it’s hard to say exactly what the effects have been so far. The small business loan program was so popular that it ran out of money within two weeks. For now, the economic stimulus does seem to have eliminated a complete economic breakdown though.

See more at CNN and The Washington Post.

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