How The CARES Act Applies to Small Businesses

Last Friday, Congress signed a mammoth $2 trillion stimulus package into law called The Cares Act (Coronavirus Aid, Relief and Economic Security). Many of the programs and initiatives in The Cares Act are intend to assist business owners through a variety of needs. In this episode of The Agent of Wealth Podcast, host Marc Bautis shares details on the three relief programs: The Economic Impact Disaster Loan (EIDL), The Payroll Protection Program (PPP) and The Employee Retention Tax Credit (ERTC). Bautis also answers frequently asked questions about each program, such as:

• What are the eligibility requirements?
• Do I have to personally guarantee the loan or provide any collateral?
• What do the loan funds have to be used for?
• Is the loan forgivable?
• What’s the maximum loan amount I can receive?
• How do I apply?

This is the second part of a two-part series on The Cares Act. Listen to the first part, which covers the individual relief efforts outlined in the Act.

Resources:
Episode Transcript & Blog | Bautis Financial: (862) 205-5000 | CARES Act - Small Business Checklist