Businesses can potentially benefit from the wide array of programs, loans and grants available via the CARES Act for emergency assistance.
On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act or the Act) (P.L. 116-136) to provide emergency assistance and health care response for individuals, families, and businesses affected by the coronavirus pandemic. The Small Business Administration (SBA) received funding and authority through the Act to modify existing loan programs and establish a new loan program to assist small businesses nationwide adversely impacted by the COVID-19 emergency.
Every business and organization can potentially benefit from the wide array of programs, loans, and grants made available for immediate access from the federal government. One of the key features of the CARES Act is the provision allowing forgiveness of your SBA loan based on certain criteria.
All or some of your loan will be fully forgiven if the funds are used appropriately. In addition to Payroll, Utilities and rent, some of the allowable items that funds can be used for are:
- Telephone*
- Internet*
*Please verify with your accountant or other tax professional to ensure your eligibility.
I-Evolve Technology Services will help you to substantiate cost for any allowable service provided for under the CARES Act. Please contact us at accounting@i-evolve.com to request any documentation necessary.
You can find additional information at the link below:
