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CARES Act Stimulus Will Permit Business Loans To Cover Payroll, Rent, Utilities, and more

Mar 28, 2020 3:01:00 PM / by Lee Goudzwaard-Vaught

CARES Act to Permit Business Loans To Cover Payroll, Rent, Utilities, and more while Expanding and Increasing Unemployment Benefits 

Please Read, Understand the Opportunity and Importance, and Reply — We are here to Help!

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 in the — the program ends (unless Congress appropriates more funds). 

If you and your small business need money and help to cover 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?

Learn about the Small Business “Paycheck Protection” Loans

Learn about how this affects Small Businesses whose staff has already been laid off.

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.

Lee Goudzwaard-Vaught

Written by Lee Goudzwaard-Vaught

Client Development Manager

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