What you need to know about the Coronavirus Aid, Relief, and Economic Security (CARES) Act
Posted on 03/27/2020 by Austin Chamber of Commerce
Congress passed and President Trump has signed into law a $2 trillion emergency spending bill into law. Here's what you should know about the act.
For small businesses
Per the U.S. Chamber of Commerce, "the CARES Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses that maintain their payroll during this emergency."
Small businesses in Texas are eligible for a total of $27 billion in aid, which could benefit hundreds of thousands of small businesses and millions of small business employees.
The U.S. Chamber has put together a guide to help small businesses understand what this means for them.
The Small Business Owner's Guide to the CARES ActDownload
Individuals who make less than $99,000 or married couples who make less $198,000 are likely eligible to receive a one-time tax rebate check.
The Act also expands unemployment insurance to cover gig workers, those who are self-employed, and non-profit employees.
We will post more information as it becomes available.
Related Categories: COVID-19 resources, For businesses, For individuals