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Weekend Roundup: Coronavirus Emergency Loans for Small Businesses

In this week’s special edition of the Weekend Roundup, we take a look at the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law to ease some of the economic fallout caused by the spread of the coronavirus. At KRESS, we have always believed that more information equals better decisions, and this couldn’t be truer during this crisis.

Our goal has always been to help you hire the best team. Now more than ever, we at KRESS are determined to provide you with all the information needed to make the best decisions so we can all maintain and protect our businesses.

Here’s a look at the CARES Act and what you need to know if you are a small business owner:


Click the headlines below to learn more about the CARES Act and how small businesses are responding to it.

Getting Cash for Your Small Business Through the CARES Act

You’ve tried your best to prepare for slowdowns—saved some emergency cash, got a line of credit, etc.—but you couldn’t have imagined going from 100 to zero in a matter of hours, leaving you with a lot of bills to pay including rent and payroll.

The median business holds cash reserves to cover 27 days of expenses, according to Chase. But even if you’re well-prepared with a three-to six-month buffer for your business, you still need to plan for what happens if that runs out. No one knows how long this will last. What you need right now is cash.

White House Vows to Start Doling Out Emergency Loans to Small Businesses

Trump administration officials vow to launch a massive new loan program for small businesses by Friday in a frenetic effort to prevent them from laying off workers or going out of business as the coronavirus pandemic shuts down large segments of the economy.

The $2 trillion bipartisan financial-rescue package signed by President Trump two days ago includes $350 billion in desperately needed relief for small-company operators whose sales have plunged or whose businesses have been ordered closed. Many could fail if the widespread disruptions to the economy persist for more than a month.

Could your organization benefit from our expertise during this crisis? Contact KRESS today for exemplary customer service and a custom solution for your needs.

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