BALTIMORE, MD—The CARES Act (Coronavirus Aid, Relief, and Economic Security Act) was signed into law on March 27, 2020 to provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic.
The CARES Act’s estimated $2+ trillion price tag includes extraordinary public health spending to confront the COVID-19 pandemic; immediate cash relief for individual citizens; a broad lending program for small business; and, targeted relief for hard-hit industries.
The programs and initiatives in the CARES Act are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain non-profits and other employers.
A new guide has just been released by the U.S. Senate Committee on Small Business & Entrepreneurship to help small business owners understand the details of the CARES Act. The new guide can be viewed below and the full text of the CARES Act can be read here.