The U.S. Senate Committee on Small Business & Entrepreneurship has published The Small Business Owner’s Guide to the CARES Act — a guide to the provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was recently passed by Congress and signed into law by the President.
The new law is intended to help business owners with the challenges they face as a result of the COVID-19 pandemic, and it creates numerous new resources for small businesses and other employers.
The Senate Committee’s guide provides information about major programs and initiatives in the new law, which will soon be available from the U.S. Small Business Administration (SBA), as well as several new tax provisions.
The Guide covers programs and initiatives such as:
• The Paycheck Protection Program, which provides capital to cover the cost of retaining employees;
• The Emergency Economic Injury Grant, which provides a quick infusion of a smaller amount of cash to cover immediate business needs, and Economic Injury Disaster Loans;
• The Small Business Debt Relief Program, which will help small businesses keep up with payments on a current or potential SBA loan;
• SBA resource partners, such as SBDCs, which provide free business consulting to help small businesses navigate this uncertain economic time;
• Small business contracting; and,
• Small business tax provisions.
To keep up to date on when these programs will become available, you can contact your local SBA District Office or your local SBDC.
For the complete “Small Business Owner’s Guide to the CARES Act,” click here.