This overview for the Coronavirus help, Relief, and Economic Security (CARES) work happens to be made by Berkeley legislation teacher and Berkeley Center for legislation and company faculty co-chair Robert Bartlett at the time of 14, 2021 january. This overview includes the expansion of a few CARES work products that taken place in December 2020 included in the Economic help to Hard-Hit smaller businesses, Nonprofits, and Venues work (the CARES work 2.0).
The CARES Act among other things 2.0:
- Re-opened the Paycheck safeguards system (PPP) through March 30, 2021 (described in area A below);
- established Draw that is second PPP for companies that formerly received a PPP loan (described in area A below);
- included brand new funds for EIDL improvements (described in area B below);
- Provided funding for the Small Business Administration (SBA) to pay 3 to 6 months of interest and principal on outstanding area 7(a) loans extracted from the SBA (described in area D below); and
- developed two latest tools for organizations struggling with the COVID-19 pandemic: (1) Targeted EIDL progress of $10,000 for organizations in low income communities (described in area B below) and (2) Shuttered running funds (described in part C below).
The overview below centers on the important thing conditions for assisting small businesses. Take note that this might be a quickly developing region.