CARES Act - Small Business Particulars
The $2 Trillion CARES Act (S.358) has extensive provisions for individuals and businesses affected by COVID-19. The fast-tracked, bipartisan bill was unanimously approved by the U.S. Senate late on Wednesday, March 25th with the House and POTUS approval expected by Saturday, yet is subject to change.
The U.S. Senate Small Business Committee published a summary of the key provisions available in the Keeping American Workers Paid and Employed Act within the CARES Act, which can be seen here.
Once approved, the real implementation challenge begins in processing this stimulus for affected businesses. Our allies at the Hamilton County Development Company advise patience due to the anticipated crush of applications for this small business relief despite CARES Act admonitions to speed up the processing. The pre-COVID-19 processing times for the SBA were already challenging. We will be looking for ways to streamline the process.
And, to follow all of the money, click on the Summary of Appropriations Provisions to see how much and where this $2 Trillion is allocated … the immensity of the reach of the federal government is impressive. While approval is likely, this is not yet law and provisions within could be changed.
Please reach out to a Graydon attorney today with any questions.