Resources for Understanding the CARES Act: How it Helps Professional Services Firms

April 13, 2020 Trilby Lawless

 

What is the CARES Act?

Recently, the Senate passed a two trillion-dollar bill, called the Coronavirus Aid, Relief, and Economic Security (CARES) Act, in response to COVID-19’s economic impact. Of the seven main groups receiving support, small businesses are allocated $377 billion in relief funds, including professional services firms. The plan consists of forgivable loan options, tax deferrals, and other types of financial assistance to help businesses overcome the hardships of COVID-19. 

How does the CARES Act define a small business?

Companies of 500 or fewer employees.

How can the CARES Act assist my firm?

The CARES Act includes three main benefits for small businesses to retain employees and stay in business throughout the pandemic. 

Emergency grants: Individual businesses are eligible for grants up to $10,000 as emergency funds for immediate operating costs. 

Low-interest loans: The Small Business Administration has been allocated significant money to lend up to $10 million per company. If workers are employed through the end of June, money from the loan that is used for payroll, retaining employees, paying rent, mortgage or existing debt could be forgiven.

Help with pre-existing loans: For small businesses with existing SBA loans, $17 billion has been allocated to cover six months of payments. 

Need help getting started? 

If you’re not sure which part of the CARES Act your business best qualifies for, use the questions below to guide you. 

Additional Relevant Resources

To further evaluate your options and stay informed with accurate information, visit these CARES Act government resources. 

U.S. Small Business Administration

COVID-19 Small Business Guidance & Loan Resources

Corona Relief Options

Local Assistance

Disaster Assistance

U.S. Senate

Guide to the CARES Act

CARES Act FAQ

U.S. Chamber of Commerce

Coronavirus Small Business Survival Guide

Coronavirus Emergency Loans Small Business Guides and Checklist

U.S. Treasury

Paycheck Protection Program (PPP) Details and Application

About the Author

Trilby Lawless

Digital Content Manager

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