As a small marketing agency owner whose business took a huge hit due to the COVID-19 pandemic, I had to do a lot of research to understand how the Coronavirus Aid, Relief and Economic Security (CARES) Act affects me. The new Coronavirus Aid, Relief, and Economic Security (CARES) Act allocates $2.2 trillion to support individuals and businesses affected by the pandemic and economic crisis.
In this video, I'm sharing the critical details that I learned through my own research to help others who are struggling to understand and digest this information.
YOU and/or your business may be entitled to financial grants and assistance that you may not be aware of! Watch the video to learn how you can benefit from the CARES Act.
Linked Resources:
Individual Payments
Visit this IRS.gov page for more detail (direct deposit information will be updated there):
Small Business Loans - 2 loan programs exist:
# 1. Economic Injury Disaster Loan Program
The EIDL includes a $10,000 emergency grant that businesses and nonprofits can apply for, which won’t have to be repaid at all.
Apply Here:
# 2. Paycheck Protection Program
Created to assist businesses and nonprofits cover up to eight weeks of payroll costs and some other expenses. 100% forgivable if a business does not lay off any employees or rehires by June 30, 2020, employees that have already been laid off. PPP went live for businesses and nonprofits on Friday, April 3. Going live for the self-employed workers and sole proprietorships on Friday, April 10.
To apply: apply for PPP directly with your banks or lenders. (visit their sites. Here is one for Bank of America:
And Unemployment Insurance
If you lost your job due to coronavirus, you qualify for extra unemployment payments. Under the federal relief bill, everyone will get an additional $600 a week until July 31. This bill also covers part-time workers, self-employed people, gig workers, freelancers and independent contractors.
Go here to start:
0 Comments