Simple Summary of $2.2 trillion CARES Act

I often complain about the dysfunction in Washington, but today I have to recognize some great work by my Representative in The House of Representatives, Steve Womack. He has created a roughly two page summary of the almost 900 page CARES Act. This is the $2.2 Trillion plan to supply relief to our citizens, small businesses and even big companies during our virtual national lockdown

I've included a link to Steve's website that takes you right to the plan. I decided to share it this way because his summary is chock full of links that provide even more information if you want it AND even phone numbers you can call to get you started.

These are tough times and through no fault of your own you may find that you need a hand. This is intended to be just that. I encourage everyone to give this a once-over, but especially if you are a small business owner, the PPP (Paycheck Protection Program) could be a God-send. Just copy the link below into your browser and it will take you right to Steve's summary.

https://iqconnect.lmhostediq.com/iqextranet/view_newsletter.aspx?id=2133329&c=AR03SW

I also wanted to do two more things. First, I wanted to commend Congressman Steve Womack for his excellent work. This is a great summary that will simplify this very complex bill so that even I could comprehend it. Second, I wanted to share, below, just a few key passages from Steve's explanation of the PPP (Paycheck Protection Plan). Small businesses should have access to this money as early as tomorrow (April 3rd) and you can deal with your local banks and not the giant, complex federal government. Let the banks do that. Here are the key points.

PAYCHECK PROTECTION PROGRAM

Under the CARES Act, which was recently passed by Congress and signed into law by President Trump, a “Paycheck Protection Program” (PPP) for small employers, self-employed individuals, and workers was created. The program, which will be administered through the U.S. Small Business Administration (SBA), will provide 8 weeks of cash-flow assistance through 100 percent federally guaranteed loans to small employers who maintain their payroll during this emergency.

If the employer maintains payroll for 8 weeks, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent, and utilities will be forgiven - allowing workers to remain employed, providing assistance to small businesses, and helping our economy to recover quickly from this crisis. This proposal will be retroactive to February 15, 2020, to help bring workers who may have already been laid off back onto payrolls.

Who is eligible?

Businesses and 501(c)(3)s with less than 500 employees.

Where can you get this loan?

Any existing SBA lenders and any lenders that are brought into the program through the Treasury Department.
You should talk to your preferred financial lender to see if they qualify.