Congress Passes 2 Trillion Dollar Bill to Help Small Business

If you have already been reading the headlines lately you are most likely aware that there is a lot of anxiety in the economy at the present time. Luckily for the citizens and businesses of our nation the government has cobbled together a response in record time in what has come to be called the CARES act. This legislation is a collection of multiple economic stimulus packages that have been designed to help small businesses and everyday Americans.

What are small businesses going to get?

It is pleasant to talk about how there is 2.2 trillion dollars worth of aid bundled in the plan as a whole but that does you no good if you are unaware of how to access these benefits. The majority of the advantages will come through either the Treasury directly or the Small Business Administration.

Who benefits from the Paycheck Protection Program?

Due to the lockdown, there are large numbers of businesses that have been compelled to close their doors. Many of these businesses were not prepared for an disruption in economic activity for quite this long. This has led to lots of them being forced to let their staff members go. The PPP is a grant program that small businesses with under 500 staff can have the government pay the paychecks of their employees for them for a limited time period.

How to apply for Small Business Disaster Loans?

There are a good deal of businesses that have endured economic damage as a result of the shutdown. The Small Business Administration has been providing forgivable loans for companies that become eligible.

Just what are the Expanded Unemployment Benefits?

The federal government has promised to give an extra $600 per week each week for up to 4 months on top of whatever their state’s typical unemployment benefits give to their citizens. Some people are actually making more at the moment being on unemployment than they made at their job.

What is the Current Status of the Program?

It is hard to say for sure what would have happened if the government had not stepped in at all so it’s hard to say exactly what the impacts have been so far. The small business loan program was so widely used that it ran out of money within 2 weeks. For now, the economic stimulus does seem to have averted a complete economic collapse though.

See more at CNN and The Washington Post.

Write a Comment