Coronavirus Aid, Relief, and Economic Security Act – CARES Act
Child care providers and other small businesses have another chance to access financial assistance from the federal government, but they must apply NOW. On Friday, April 24th, President Trump signed into law a new bill providing an additional $310 billion into the Paycheck Protection Program (PPP), created under the CARES Act (Coronavirus Aid, Relief and Economic Security Act) and Economic Injury Disaster Loans (EIDL).The legislation also included a $60 billion emergency loan and grant program for small businesses. It is important to note that the most updated information can be found on the SBA website.
The second round of Paycheck Protection Program funding will be available starting April 28th. Read a practical guide for those who have already applied and are waiting on funding, as well as those who are applying for the first time.
The Treasury Department has also sent out some updated rules and regulations:
Questions about PPP? Rich Ribeiro, Vice President & CFO of The Turrell Fund, is generously offering his time to answer any follow questions you may have. Please first review the links above before contacting him directly at Rich@turrellfund.org.
ACTION ALERT: Small Business and COVID-19 We need to let Congress know they are NOT DONE. Tell Congress: Small businesses need more money and a better program. Take these action steps before our independent businesses collapse. We need more than just expanded funds - we need a structural change to the program, with an emphasis on direct subsidies over loans.
Please join together using #SmallBizNeedsNOW to elevate your stories -- especially those of small business left out of the PPP and EIDL programs -- every morning this week.