What is the CARES Act?
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
If you work in the Gig Economy, are a 1099 worker, a 1 person business, independent contractor, work for hire, self-employed, you might be eligible for a payroll protection loan, along with any business with less than 500 employees.
This is huge relief for many businesses that could definitely use the help right now.
