CARES Act Context: To explain key relief for 501(c)(3)s and small businesses in the $2 Trillion CARES Act (complete text), we published our CARES Act Alert #1 (Help for Small Businesses & 501(c)(3)s via the PPP); CARES Act Alert #2 (Get Ready to Apply); CARES Act Alert #3 (PPP vs EIDL), CARES Act Alert #4 (Initial Guidance from Treasury), CARES Act Alert #5 (SBA’s Interim Final Rule), and CARES Act Alert #6 (New IFR on Affiliation & Religious Nonprofits). Over $350 Billion of the CARES Act is meant for small entities – mostly small businesses and 501(c)(3) nonprofits – with no more than 500 employees. Most of this money flows through two main loan/grant programs administered by the Small Business Administration (SBA): Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP).
For assistance, please contact one of our attorneys: Nancy LeSourd, Matthew Szymanski, Scott Ward, or Derek Gaubatz. Our CARES Act Team also includes our non-attorney consultant Phil Eskeland. Mr. Szymanski and Mr. Eskeland bring experience from their past service, respectively, as the chief of staff and the deputy chief of staff of the Small Business Committee of the U.S. House of Representatives, including during the legislative response to 9/11. More Alerts to follow.