CARES Act to Permit Business Loans To Cover Payroll, Rent, Utilities, and more while Expanding and Increasing Unemployment Benefits
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Loans and grants to small businesses including sole proprietors and independent contractors in the CARES Act are on a first come, first served, basis. Once loans have been approved up to the appropriated amount, the program ends (unless Congress appropriates more funds).
If you and your small business need help with covering payroll, rent, and utilities — PLEASE DO NOT DELAY in applying for this program or in contacting us for help!
Businesses struggling with the economic impact of the COVID-19 pandemic crisis received good news late last night when the Senate passed an unprecedented piece of legislation aimed at providing a massive stimulus to workplaces and employees alike.
The centerpiece of the Coronavirus Aid, Relief and Economic Security (CARES) Act would allow small- and medium-sized businesses to receive federal loans – in some cases forgivable – to cover payroll and other expenses. It also expands unemployment benefits for workers impacted by the outbreak, while extending unemployment eligibility to many who are otherwise not regularly entitled to receive such benefits.
While the bill is not yet law, the House is expected to approve the CARES Act by Friday and President Trump should sign it into law shortly thereafter. What do employers need to know about this significant development?
Please do not hesitate to call our team for further information. We will be distributing application instructions as appropriate and when available.
To see more updates like this, especially those that impact small businesses, follow us and visit CSI’s COVID-19 (Coronavirus) Resource Center.