The CARES Act
The CARES Act was signed into law on March 27, 2020 providing many relief options for small businesses. The new options include a loan from the Small Business Administration of which much may be forgiven (i.e. Does Not Have to Be Repaid, EVER!), an emergency grant from the SBA in relation to an Economic Disaster Relief Loan, of which a portion may not have to be repaid under certain conditions, and a new Employee Retention Credit for 50% of wages paid by small businesses to employees while partially or fully closed. You can’t have it all! These relief programs are generally mutually exclusive.
Need Legal Guidance Regarding Relief Claims?