The Cares Act

The recently passed CARES Act provides additional federal assistance in which businesses can tap into. These opportunities include:

• Debt Relief to Existing SBA loans
• Employee Retention Tax Credit
• SBA Express Loans (cap raised from $350,000 to $1 million through December 31, 2020)
• Exchange Stabilization Fund

$454 billion was provided to the U.S. Treasury Department to back various forms of assistance. The Treasury Department and Federal Reserve have broad discretion in how the financial assistance will be provided - which has yet to be decided. Eligibility is broadly defined. We will continue communicating more information as the programs are established.