Financial Briefs

(Thursday, April 1, 2020, 4 p.m. EST) — A cornerstone of the U.S. Government response to the economic crisis caused by the pandemic is the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a history-making $2.2 trillion law that just went into effect. With almost no strings attached, CARES extends financial support to business owners in need under the Paycheck Protection Program (PPP). 

PPP is a safety net for businesses with fewer than 500 employees — mom and pop shops, restaurants, professional services and other small businesses that created 70% of the new jobs in the U.S. in the past decade — the vast majority of which have 10 employees or less. Self-employed and contract employees also qualify for PPP.

PPP provides small businesses with funds to pay up to eight weeks of payroll costs including: