CEO’s and business leaders are being challenged to navigate current business conditions. It was just six weeks ago we were all struggling to find enough skilled workers to care for our customers. Business was great and we were all feeling optimistic about a very profitable 2020.
Today, COVID-19 now presents a new set of business conditions which affects various business types differently. Some businesses are closed, others have scaled back, and still others are learning to use technology to work remotely.
Last Friday, Congress passed, and the President signed, the Coronavirus Aid, Relief and Economic Security (CARES) Act. There are many financial provisions available to families, workers and employers to assist all of us survive the economic ramifications of government “Shelter in Place” (Stay at Home) requirements designed to slow the spread of COVID-19.
The intent of these programs is to fast-track implementation to get money into the hands of those who need it immediately. However, this legislation is new and will require some time and work to develop regulations, processes, procedures, forms, technology and training to implement all initiatives.
To assist our clients and friends, we have been focused on learning all we can about the provisions so we can provide reliable and actionable information. We are reviewing and monitoring many sources for clear and accurate information. As fast as possible, we will provide updated information which we believe is pertinent and reliable.
Today we are focusing on Employers’ Payroll Protection Program. The information is sourced from the US Chamber of Commerce. See the link below for details. This program is being offered through approved SBA Lenders, so we recommend you contact your bank for their guidance and process.
US Chamber of Commerce Coronavirus Emergency Loans - Small Business Guide and Checklist
If we can be of assistance, please contact our office.
Additional information regarding CARE Act provisions will follow in additional emails and will be posted to www.sackettfinancial.com/blog.