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Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

COVID-19 has fundamentally changed how the world currently operates. On March 30, 2020, President Trump told America that he was recommending the nation follow the CDC guidelines for social distancing through April 30. This means that there will continue to be a significant disruption of business, affecting millions of businesses nationwide. Of those millions, approximately 30 million, or 99.9%, are classified as small businesses (less than 500 employees). To help these businesses attempt to weather the storm, Congress and the President signed into law the “Coronavirus Aid, Relief, and Economic Security Act,” or the “CARES Act.” It is nearly 1,000 pages long and full of provisions that affect small businesses. This paper is an attempt to help you, the small business owner, navigate these waters. It is important for you to know what is available to you and in what order you should be doing things. Let’s get started.

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