The Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
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The Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136), signed into law March 27, features several different relief programs (tax credits, loans, grants, etc.) to help businesses stay afloat. Attached is a Summary (6 pages) of some of the features that you may want to explore for your business.
Note: Some of the Business relief programs/credits are mutually exclusive (you can only apply for one program). So, it is very important that you review and further your research for each program and apply for the relief package that best fits your business needs. Many of the loans will be forgiven if you meet certain guidelines.
Complete your applications ASAP! The funding for some of these programs are limited, especially the Grants/Loans. Most will be handled on a first come, first served, basis until the money is depleted.
https://covid19relief.sba.gov/ and For the “Paycheck Protection Program” you must apply through a SBA Certified Bank.
As always, Desert Accounting Service is here to provide assistance and answer your questions and we encourage you to take advantage of the of these relief programs.