What is it and how can it help you?

On March 27, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law, becoming the largest stimulus package in U.S. history and providing $2.2 trillion in much needed relief to individuals and businesses grappling with the fallout of the COVID-19 epidemic. The Act creates several programs intended to curb the devastating economic consequences that have already impacted businesses and workers including forgivable loans, tax credits, and expanded unemployment insurance.

 This page provides information about the major programs and initiatives available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.

Download the Arizona Commerce Authority COVID-19 Arizona Business Resource Guide

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Paycheck Protection Program

Congress is sending $350 billion to small businesses, through the Paycheck Protection Program (PPP), all part of the unprecedented $2 trillion stimulus package called the CARES Act.

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Emergency Injury Disaster Loan (EIDL)

May 8, 2020 – The SBA announced that at this time, it is only allowing agriculture businesses to submit new applications to receive the Economic Injury Disaster Loan. Applicants outside of agriculture businesses that have already submitted their applications will continue to be processed on a first-come, first-served basis.

SBA – There is no minimum loan requirement, though loans are capped at $2,000,000 per business and business affiliates.

EIDL Advance: In response to CoVd-19, all U.S. small business owners are eligible to apply for an Economic Injury Disaster loan advance up to $10,000.

The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

To apply for a COVID-19 Economic Injury Disaster Loan:

Money icon Small Business Debt Relief Program

This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law.

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Express Bridge Loan Pilot Program

Allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork.

Employee icon  Employee Retention Credit (must not have taken a Small Business Loan to qualify)

The credit is available to all employers regardless of size, including tax-exempt organizations. There are only two exceptions: State and local governments and their instrumentalities and small businesses who take Small Business Loans.

Qualifying employers must fall into one of two categories:

  • The employer’s business is fully or partially suspended by government order due to COVID-19 during the calendar quarter
  • The employer’s gross receipts are below 50 percent of the comparable quarter in 2019. Once the employer’s gross receipts go above 80 percent of a comparable quarter in 2019 they no longer qualify after the end of that quarter.

These measures are calculated each calendar quarter. 

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The National Law Review

The National Law Review has a great synopsis and there are additional components of the CARES Act.

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Internal Revenue Service

Individuals: Coronavirus Tax Relief – (Economic Impact Payment).

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Tax Foundation - FAQ:  The CARES Act

The Tax Foundation is the nation’s leading independent tax policy 501(c)(3) nonprofit. Since 1937, our principled research, insightful analysis, and engaged experts have informed smarter tax policy at the federal, state, and global levels.

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US Treasury

US Treasury published information on the PPP/CARE Act on their website.  SBA will have it posted shortly as well.  The below link contains individual fact sheets for: program overview, lenders, borrowers, application.  The forms state that small businesses can apply starting on April 3 and independent

contractors and self-employed individuals on April 1.  We encourage people to apply as quickly as possible as there is a funding cap."



Have additional questions? We can help, contact us now!

Darah Mann  ››  Project Manager
Advanced Business Services, Healthcare, Higher Education
email ››