Care Act Information and Resources
The government has approved the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act which will help millions of people in this critical time. Perhaps even you.
This sweeping legislation is unprecedented in the history of our nation and provides significant economic assistance to address the impact of COVID-19.
The CARES Act is over 800 pages long, but here are some of the economic provisions most relevant for you
If you’re eligible for a cash payment
Most individuals earning less than $75,000 can expect a one-time cash payment of $1,200. Married couples would each receive a check and families would get $500 per child. That means a family of four earning less than $150,000 can expect $3,400.
You can calculate what your stimulus check will be here.
If you or someone you know has lost a job
States will still continue to pay unemployment to people who qualify. This bill adds $600 per week from the federal government on top of whatever base amount a worker receives from the state. That boosted payment will last for four months.
If you’re a small business owner
The bill provides $10 billion for grants of up to $10,000 to provide emergency funds for small businesses to cover immediate operating costs.
There is $350 billion allocated for the Small Business Administration to provide loans of up to $10 million per business. Any portion of that loan used to maintain payroll, keep workers on the books, or pay for rent, mortgage and existing debt could be forgiven, provided workers stay employed through the end of June.
If you are a Freelancer or Independent Contractor
Typically, self-employed people, freelancers and contractors can’t apply for unemployment. This bill creates a new, temporary Pandemic Unemployment Assistance program representing $600 per week through the end of the year helping people who lose work as a direct result of the public health emergency. If you would like to learn more about all the contents in the CARES Act, please see this article.
A second program available now is the Economic Injury Disaster Loan Program. See details and apply through the Small Business Administration.
As a small business, you may be able to apply for both programs, subject to additional requirements and so long as the funds are used for different purposes.
How You Can Prepare:
These programs are to help you get access to needed relief and capital quickly. Here are steps to make the process as frustration-free as possible:
- Visit the Small Business Administration’s COVID-19 resource center to review all programs;
- Confirm your eligibility – Small businesses, including sole proprietors and independent contractors, may be eligible, and the loans may be forgiven if certain conditions are met;
- Learn more about these programs on the Angie’s List Pro Resource Center;
- Collect business and other financial paperwork and if possible, create digital version of these documents;
- Continue to do what you can to keep your business up and running.
Here is The Small Business Owner’s Guide to The Cares Act
Here is a FAQ sheet on the Payroll Protection Plan for Small Businesses
As these programs continue to evolve, we will keep you up-to-date and informed. For additional resources, visit our Angie’s List Pro COVID Resource Center.