CARES act passed into law
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed into law with the intent of helping those financially impacted by COVID-19. Small businesses, such as local restaurants and retailers, have struggled due to consumers spending increased time at home. In addition to relief for American workers, employees and families, the CARES Act provides assistance to small businesses.
While Texas has begun allowing businesses to reopen, the road to recovery will still take time. If your small business is looking to take advantage of opportunities offered by the CARES Act, here’s the information to keep in mind:
• Paycheck Protection Program. This program provides small businesses with loans to fund employee payments, including benefits, for up to eight weeks. Certain nonprofits can also apply, and funds can be used for paying rent, utilities and interest on mortgages. Qualifying businesses can also convert the loans to grants, meaning the money will not have to be repaid.
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