Friday, the U.S. House of Representatives voted to pass the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Having been signed into law shortly thereafter by President Trump, this critical legislation will provide emergency relief for American workers and businesses that have been impacted by the COVID-19 pandemic.
In response to the finalization of the bill, U.S. Chamber CEO Tom Donohue issued the following statement:
“Today, our elected representatives came together in a powerful way to provide the much needed relief that American workers and businesses need and deserve during this unprecedented time. We applaud Congress and the administration for working together to enact the CARES Act on a strong, bipartisan basis. Securing these funds could make the difference between keeping a business up and running over the coming weeks or being forced to reduce salaries, lay off employees, or shutter businesses entirely. No family and no business should go bankrupt because of the financial hardships caused by the coronavirus.”
To better understand the Coronavirus Aid, Relief, and Economic Security (CARES) Act and how it impacts you and your members, we encourage you to review our summary of the final bill which breaks down the final stimulus package and provides analysis for the business community. Links to the final bill text are included in the summary.
Financial Resources for Small Businesses
The CARES Act has approved $350 billion in emergency loans for small businesses to help them keep workers employed. In fact, if small businesses maintain or later restore their payrolls, they may not have to repay some-or possibly any-of the loan. We encourage you and your members to utilize the U.S. Chamber’s Coronavirus Emergency Loans Small Business Guide and Checklist to help answer common questions and navigate the process.