The CARES Act Provides Emergency Financial Relief For Small Businesses Affected By The COVID-19 Pandemic

On March 27, in response to the ongoing COVID-19 pandemic, President Trump signed a $2.2 trillion stimulus package known as the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

The CARES Act provides provides for emergency financial relief to small businesses with less than 500 employees in the form of a new Small Business Administration “Paycheck Protection” loan program (available on April 3), refundable payroll tax credits, and deferrals of the employer portion of the payroll tax. In addition, the CARES Act expanded the SBA Economic Injury Disaster Loan Program, providing for an emergency loan advance of $10,000 which does not have to be repaid.

Please follow the links below for the specified information:

• My law firm’s summary of the CARES Act’s employer benefits
• The Treasury Department fact sheet on the “Paycheck Protection” loan program
• An application form for a “Paycheck Protection” loan
• An application form for an Economic Injury Disaster Loan

If you need assistance on this important issue, call or email me, or contact your banker or tax advisor.

Thank you, and please stay safe in this difficult and stressful time.