The Coronavirus Aid, Relief and Economic Security (CARES) Act, also known as phase III of the COVID-19 federal response, was signed by the president on March 27. The CARES Act provides $2 trillion of stimulus to individuals, businesses, and hospitals and other impacted industries in response to the economic distress caused by the pandemic.
The package also authorizes the Small Business Administration to administer an additional $349 billion in loans to small businesses, including auto dealerships. Known as The Paycheck Protection Program, these loans will be forgiven if payrolls are maintained through the COVID-19 crisis and afterwards. The U.S. Chamber of Commerce has created a guide to help small businesses and self-employed individuals figure out if they qualify for The Paycheck Protection Program.
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