What Is the CARES Act?
The CARES Act is the Coronavirus Aid, Relief, and Economic Security Act. The bottom line is that the CARES Act was passed by Congress in order to help Small Businesses through the turbulent COVID-19 economy. The goal of the CARES Act is to help small businesses survive uncertain economic times. The provisions include the Paycheck Protection Program (PPP), small grants, loans, and more.
Where Do You Go for Help?
Start with your business advisor. There are many facets to the available assistance, from grants, loans, payroll help, and tax relief.
Here are three resources:
- SBA: Visit this site for SBA-related assistance, including the PPP, loans, grants and more.
- Department of the Treasury: Check here for tax info and more information on the PPP.
- The Senate Guide to CARES: PDF Download
What You Need to Know About CARES Programs
Here are the provisions of the CARES Act that small business owners need to be aware of:
- The PPP provides up to 8 weeks of payroll costs, including benefits. That helps you keep your workforce.
- Grants are available through the SBA for a quick infusion of cash, up to $10,000.
- There are debt relief programs for those with existing SBA loans so that you don’t have to worry about falling behind on payments.
Take the First Step
These are stressful times, and you’re likely already feeling the pinch. Call our office, and we’ll walk you through your options, point you in the right direction, and make sure you get the best advice to make it through this coronavirus economy. Call ASCEND Business Advisory at 888-297-3321 right now.