Small Business Initiatives Receive Additional Funding

A new COVID-19 relief package has passed both the Senate and the House to help small business owners, independent contractors, and the self-employed who missed out on the initial round of funding provided by the Coronavirus Aid Relief and Economic Security Coronavirus Aid Relief and Economic Security Act (CARES) Act. With presidential approval expected, the relief package will provide an additional $310 billion to the Paycheck Protection Program and $60 billion to the Economic Injury Disaster Loan Program. Both programs provide loans that can become grants if the funds are used to cover payroll, paid sick leave, and other related expenses. Funds for the Paycheck Protection Program may become available as soon as April 24 and Economic Disaster Loans may be released by April 29. The package also allots money for hospitals to cover expenses related to the COVID-19 pandemic and funds to increase testing for the novel coronavirus. Read more here.