On March 27th, 2020 the Coronavirus Aid, Relief and Economic Security Act, also known as the CARES Act, was signed into law to provide much-needed help to both businesses and individuals. Here is an overview of what the Act means for businesses.
The CARES Act provides $349 billion for the Small Business Administration to distribute through the Paycheck Protection Program. This program provides a forgivable loan to small businesses and certain non-profits with fewer than 500 employees to help cover the costs of payroll, healthcare benefits, mortgage interest, rent, utilities and interest on other debt. The loan amount can be up to 2.5 times the average monthly payroll, not to exceed $10 million.
For more information, watch the video and download the whitepaper on What the CARES Act means for businesses.