On March 27, 2020, the federal government passed economic stimulus legislation commonly known as the CARES Act.
The most popular aspect of the CARES Act has been the imminent payment of over $1,000 each to most Americans. The legislation also supplements state unemployment compensation for unemployed people.
For small businesses, the federal government instituted two programs that are administered through the federal government’s Small Business Administration. The SBA typically loans small amounts of money to entrepreneurs and small business owners and also traditionally guarantees many “riskier” loans that banks enter into to finance entrepreneurs and small business owners.
The CARES Act introduced two, new programs that use the SBA to get financial resources into the hands of small businesses. Due to the rapidity of the CARES Act’s implementation, details in rules and administration are being released almost hourly.
Read more about this in Lee’s article in the Lima News here: “Legal-Ease column: “Emergency financial resources for small businesses”,”
Source: LimaOhio.com, “Legal-Ease column: “Emergency financial resources for small businesses”,” by Lee R. Schroeder, April 4, 2020.
Lee R. Schroeder is an Ohio licensed attorney at Schroeder Law LLC in Putnam County. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at Lee@LeeSchroeder.com or at 419-659-2058. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.