Last week, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act to provide relief from many of the issues created by COVID-19, and on March 27, President Trump signed the bill into law.
 
The programs and initiatives in the CARES Act are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain nonprofits and other employers.
 
Paycheck Protection Program Loans
 
The paycheck protection program provides cash-flow assistance through 100 percent federally guaranteed loans to employers at businesses of 500 employees or less who maintain their payroll during this emergency. If employers maintain their payroll, the loans will be forgiven, which will help workers remain employed, as well as help affected small businesses and our economy snap-back quicker after the crisis.
 
The program also includes forgiveness of up to eight weeks of payroll based on employee retention and salary levels, no SBA fees, and at least six months of deferral with maximum deferrals of up to a year. Small businesses and other eligible entities can apply if they were harmed by COVID-19 between February 15, 2020 and June 30, 2020. The program is retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls. Loans are available through June 30, 2020.
 
Dr. Daniel Fabricant, president and CEO of the Natural Products Association (NPA), said, “This is much needed relief for thousands of small and large businesses who make up America’s natural products industry. They have demonstrated how critical they are to our country and our fellow citizens throughout this crisis, and this powerful combination of financial assistance and investment will help keep America strong.”
 
For more in depth information, check out NPA’s CARES Act Summary.