In response to the economic impact of COVID-19 on American
businesses, Congress passed the "Coronavirus Aid, Relief, and
Economic Security Act" ("CARES
Act").
This $2 Trillion stimulus package is designed to offset the
significant disruption businesses are facing as the country battles
COVID-19.
The following is a brief guide to the Small Business
Administration components of the CARES Act, including the Keeping
Workers Paid and Employed Act. These provisions provide for over
$300 Billion in forgivable business interruption loans administered
by the Small Business Administration
("SBA"), as well as $10 Billion in
emergency grants.
Any business with fewer than 500 employees, or any other
business defined as a "small business" by the Small
Business Act qualifies for the business interruption loans.
Notably, sole proprietors, independent contractors, and other
self-employed individuals also qualify.
