The Federal government unveiled the the CARES (Coronavirus Aid, Relief, and Economic Security) Act which will help business of all sizes, and has special programs for small businesses and private non-profits.
The legislation passed by Congress last week and signed by President Trump provides programs to help retain employees, gives grants and loans to businesses negatively impacted by the Coronavirus outbreak
The Payroll Protection Program offers loans to businesses that maintain their payroll during the Coronavirus emergency. Businesses with fewer than 500 employees can qualify.
The Small Business Debt Relief Program gives loans to businesses. Loans can up to $5.5 million, and there are also micro loans of up to $50,000. Businesses must apply within 6 months of the law being signed.
Low-interest loans of up to $2 million are available as part of the Economic Injury Disaster Loan program. The Emergency Economic Injury Grants provide an advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an Economic Injury Disaster Loan.
Free counseling is also available for businesses as part of the CARES Act.
See more details about the CARES Act by clicking here.
The Watertown Business Coalition provided more information on the CARES Act and other programs, such as unemployment benefits for independent contractors, and a list of Watertown restaurants that offer takeout and delivery during the COVID-19 break out. See the announcement below:
The Watertown Business Coalition hopes this finds our business community safe during these challenging times. Congress passed the CARES (Coronavirus Aid, Relief, and Economic Security) Act which will help businesses retain employees, provide emergency loans for debt relief and even has grants of up to $10,000 for businesses and private non-profits negatively impacted by the COVID-19 outbreak.
For small businesses, there is a refundable payroll tax credit for 50 percent of wages paid to certain employees during the Coronavirus outbreak, non-disaster loans and micro-loans, and a delay of payroll tax payments. See more information by clicking here.
More info on unemployment benefits for those that are independent contractors can be found here.
If you are in our business community & have questions, reach us at firstname.lastname@example.org
~Your neighbors at the “WBC”
PS: Support local Watertown restaurants by checking out this list of establishments open for take out or delivery. We do our best to keep this list updated, but please reach out to the restaurant directly for the most up to date inform