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The CARES Act and How it Can Help Your Small Business During COVID-19 Pandemic

A recent request was sent to US Congress, asking it to provide relief and protection for America?s local home service professionals and businesses amid the COVID-19 pandemic. Today, President Trump signed the CARES Act bill, which offers more than $350 billion in support for small businesses through programs indicated below.

First, the CARES Act includes the Paycheck Protection Program. This program can grant loans to help your business with employee salaries, paid sick leave, and other costs related to continuation of group healthcare benefits during periods of leave. It could also help you with mortgage payments and any other business-related debt obligations.

Second, another program available is the Economic Injury Disaster Loan Program. For details and application for this program, visit the Small Business Administration.

You can apply for?both?programs now, though it could be subject to additional requirements. Please refer to the guidelines below.

How You Can Prepare:

Here are the steps to apply and avail the benefits of the programs as soon as possible:

  • Visit the Small Business Administration?s COVID-19 resource center to review all the programs and its requirements;
  • Confirm your eligibility ? Small businesses, including sole proprietors and independent contractors, are eligible for the programs. Loans could be waived if certain conditions are met;
  • Prepare your business and other financial papers. If possible, prepare a digital version of these documents also;
  • Continue what you can do to keep your business stay running.

This COVID-19 pandemic has been causing economic and health crisis to our country?and beyond. With the use of the available loan programs by the government, you can keep your business alive.

Stay safe and let?s look forward to operating normal business when all this crisis comes to an end.

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