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The CARES Act & Your Small Business

In this time of uncertainty and confusion amidst this global pandemic, our country is facing economic struggles. One of the very real concern comes from small business owners, who are losing business due to customers practicing social distancing and self-isolation.

“The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain non- profits and other employers. This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.”  (CARES Act Summary)

The provisions being offered include:

  • Paycheck Protection Program Loans
  • Small Business Debt Relief Program
  • Economic Injury Disaster Loans & Emergency Economic Injury Grants
  • Small Business Counseling
  • Small Business Contracting
  • Small Business Tax Provisions

If you are interested in advice about how to deal with the uncertainty of this time, a “quick infusion of cash”, or additional services to ease the concerns at this time – this CARES Act is perfect for your business!

Graeme Woods, CLU®, ChFC® knows that there is no cookie cutter way for businesses to handle economic crises. As a financial advisor he can help you plan the best practices using the CARES Act and otherwise. To learn more call G.S. Woods Financial Solutions, LLC at (570) 661-1066 today.

 

Written by: Cady Ruth Stoever, G.S. Woods Marketing and Communications Associate

Source: CARES Act Summary, 2020

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