Guide to the CARES Act
Staff working for Massachusetts Senator Ed Markey helpfully shared a link to a pdf entitled, Small Business’ Guide to the COVID-19 Economic Relief Package (aka the CARES Act). It includes information on Paycheck Protection Program loans, the Small Business Debt Relief Program, Economic Injury Disaster Loans and Emergency Economic Injury Grants, Small Business Counseling, Small Business Contracting, and Small Business Tax Provisions.
Small Business Administration funds that were authorized a month ago are available, but the SBA is a little overwhelmed – with reported delays of around two weeks from the time you start until you get a case worker assigned.
Loans for businesses through the CARES Act will take a few weeks to get running – ask your lender / bank if they will be participating and when. Loans used to keep folks on payroll for 8 weeks (retroactive) are supposed to become grants.
We have requested clarification on how the 35% decline in receipts is supposed to be calculated. Do we have to wait til year end?
Hang in there.