Congress Signs 2 Trillion CARES Act to Help Small Businesses
If you have already been reading the headlines recently you are most likely aware that there is a lot of uncertainty in the economy at the present time. Thankfully for the residents and businesses of our nation the government has cobbled together a response in record time in what has come to be known as the CARES act. This legislation is a collection of multiple economic stimulus packages that have been created to help small businesses and everyday Americans.
Small business can expect to see what?
It is pleasant to talk about how there is 2.2 trillion dollars worth of aid bundled in the plan as a whole but that does you no good if you are not aware of how to access these perks. The majority of the features will come through either the Treasury directly or the Small Business Administration.
Who benefits from the Paycheck Protection Program?
Due to the lockdown, there are millions of businesses that have been compelled to close their doors. Many of these businesses were not ready for an disruption in economic activity for quite this long. This has led to many of them being forced to let their staff go. The PPP is a grant program that small businesses with under 500 workers can have the government pay the income of their employees for them for a limited time period.
How might Small Business Disaster Loans help?
There are a good deal of businesses that have suffered economic problems as a result of the shutdown. The Small Business Administration has been providing forgivable loans for companies that become eligible.
When do the Expanded Unemployment Benefits begin?
The federal government has vowed to give an extra $600 per week each week for up to four months on top of whatever their state’s normal unemployment benefits give to their citizens. Some people are actually making more at the moment being on unemployment than they made at their job.
What is the present Status of the Program?
It is hard to say for sure what would have happened if the government had not stepped in at all so it’s hard to say exactly what the impacts have been so far. The small business loan program was so popular that it ran out of funding within two weeks. For now, the economic stimulus does seem to have eliminated a complete economic collapse though.