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The COVID-19 Coronavirus is not only taking a toll on our physical health, it is taking a toll on the mental health of people around the world. It is impacting our everyday life. If you are an employee, you have the stress of worrying about being laid off— will you be able to pay your bills? If you are a small business owner, your fears and concerns are equally as grave. How will you make payroll? Will you have to shut down your business?
The Federal Government and President of the United States just signed into law the CARES Act Economic Relief Plan.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn.
So, what does the CARES Act mean for you and your small business?
In this video, Sal Cincotta, Publisher of Shutter Magazine and a small business owner himself, breaks down some of the key points of this relief package and what you need to know for your small business to benefit from it.
This is a 100% federally-guaranteed loan for small businesses who maintain their payroll during this emergency. Now, this is more than just a “loan”, which will be covered in this video. The government is giving forgiveness to these loans if certain conditions are met with the allocation of the funding.
Key topics hit:
- How to determine if you are eligible for the loan.
- Determining how much you can borrow.
- How will loan forgiveness be determined.
- Explaining the difference between employers, sole-proprietors, and contractors as it relates to eligibility.
- And your checklist to ensure you have everything you need once the loan program opens up.
Please share this with any small business owner you know. This applies to not only photographers, but all small business owners in the US.
Keep checking back for updates.
Hang in there. Stay positive!
We’ve got this.