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Congress Passes Cares Act Legislation to Help Small Business

If you’ve been reading the headlines recently you are probably aware that there is a lot of anxiety in the economy at the present time. Luckily for the citizens 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 tailored to help small businesses and everyday Americans.

What are small businesses going to get?

It is good to talk about how there is 2.2 trillion dollars worth of aid integrated in the plan as a whole but that does you no good if you are not aware of how to access these advantages. The majority of the advantages will come through either the Treasury directly or the Small Business Administration.

What is 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 prepared for an interruption in economic activity for quite this long. This has led to lots of them being forced to let their personnel go. The PPP is a grant program that small businesses with under 500 staff members can have the government pay the salaries of their employees for them for a short time period.

Who qualifies for Small Business Disaster Loans?

There are a good deal of businesses that have experienced economic damage as a result of the shutdown. The Small Business Administration has been providing forgivable loans for companies that meet the requirements.

Getting qualified for the Expanded Unemployment Benefits

The federal government has assured to give an further $600 per week each week for up to four months on top of whatever their state’s regular unemployment benefits give to their citizens. Some people are in reality making more at the moment being on unemployment than they made at their job.

What is the Current Status of the Program?

It is difficult 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 consequences have been so far. The small business loan program was so accepted that it ran out of funding within 2 weeks. For now, the economic stimulus does seem to have eliminated a complete economic collapse though.

See more at CNN and The Washington Post.

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