The sudden outbreak of COVID-19, also known as the coronavirus, in March 2020 has impacted all corners of American life. Small businesses, hit hard by both declining customers and then weeks-long forced closures, are facing tough decisions and uncertain futures.
Congress recognized the urgent, dire need to help small businesses weather the coronavirus crisis, sending billions to the U.S. Small Business Administration (SBA) and the Department of the Treasury in recent legislation to help businesses keep their employees, pay their rent and utilities, and avoid bankruptcy until the outbreak slows. Most recently, Congress directed nearly $400 billion to small business rescue grants and loans in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) signed into law on March 27, 2020.
Small businesses eager for aid, however, may be confused by the sheer volume of new and current programs available. The Ferox team is here to help, offering our clients an updated roundup of new aid programs created in the CARES Act, as well as a survey of other pre-existing, still-available programs. Click below to read our summary of these programs, and contact Ferox Chief of Staff Lucia Alonzo at firstname.lastname@example.org for more information!