Top 4 Resources to Understanding the CARE Act
Connecting Small Businesses to CARE act
The Senate passed the CARES act into law, which is a financial assistance bill aimed at mitigating some of the economic damage that the COVID-19 Coronavirus is having on U.S. businesses.
Many reputable and extremely capable institutions and individuals created guides to the law. We sifted through them and are presenting to you what we found to be the best guides to understanding and taking advantage of the CARES act. We are presenting these resources in order from least comprehensive to most comprehensive.
Hawaii Senator Brian Schatz produced the most simple introduction to the bill that we could find. If you know nothing about the law, start here. It presents the broad strokes of who is eligible and what benefits they will receive. Link.
The U.S. Chamber of Commerce has created a very readable yet somewhat complex guide to the law. It is great for bringing forward the most relevant elements of the law for small businesses. It also defines much of the language which is more vague in the Senate’s guide document. Link.
The Senate Committee on Small Business has released the most comprehensive and detailed guide. Given that it is directly from the Senate it also uses the least amount of layman language. If you are not intimidated by that kind of complexity this is the best resource. Link.
We are a Kentucky business and many of our clients are Kentucky businesses. Every state has some kind of small business association. These organizations can not only tell you about federal relief but state relief efforts as well. They have staff and tools to help you navigate the crisis and emerge financially whole and prepared to continue doing business. Here is the link to the Kentucky SBDC Coronavirus guide for small businesses. If you are not based out of Kentucky simply search the name of your state and “small business association” or use the CBA’s local assistance tool to discover the resources available to you.
We hope this is of some help to you. As we navigate this ourselves, we will continue to present what we learn to our friends and clients. If there is any way we can be of assistance to you please contact us or shoot us an email firstname.lastname@example.org. It’s an anxious time and the more we work together the more whole we will all be on the other side of this. If you haven’t already, we invite you to also download our guide to Forward Thinking in Uncertain Times.