In its latest attempt to assist the economy and specific industries during the COVID-19 pandemic, on Friday, March 27, 2020, Congress passed and the President signed the Coronavirus Aid, Relief and Economic Security Act (a/k/a the “CARES Act”). This bill, which is 880 pages long, is complicated and covers many topics. The portion of the CARES Act that most immediately affects business, however, is the portion that provides a couple of new alternatives for SBA funding to help smaller businesses (i.e., those with 500 or fewer employees) which have been forced to lay-off or terminate some or all of their workforces or even close their doors and cease operations.
To make these provisions easier to understand, we have prepared a table to help you navigate the loan programs which lays out the three primary loan/grant programs that are available to businesses under the CARES Act.
Click here to access CARES ACT: Navigating the Loan Programs.
