Convo CEO, Jarrod, explains the financial benefits of the CARES Act for small Deaf-owned businesses and the resources available for relief – PAH!
I want to share some information that I think could benefit Deaf owned businesses. Since the COVID-19 outbreak, many of you have been staying home under quarantine, stuck and trying to adapt.
Our economy depends on the business and currently business is declining rapidly. People have lost jobs, work has disappeared. Our U.S. government is concerned and wants to stimulate the economy. They have passed a 2.2 trillion dollar stimulus package to support the economy. A portion of the money, 349 Billion is dedicated to the CARES ACT. This is to support small businesses.
There are a few requirements for the program that need to be followed. You can get a loan, and if all requirements are met, 100% of the loan will be forgiven. How does it work?
#1- Must be a small business of 500 employees or less.
#2- $100,000 maximum. Meaning if your business costs are under $100,000 will document all costs, but if your costs are over 100K, for example your costs are $125,000 you can only count up to $100,000. The $25,000 won’t count. You’ll document your total costs for 2 and a half months and then that is what your loan amount will be to help support your business to stay open and keep people working. The window from March to July is important. From March to July it will remain a loan but after that time period if all requirements are met then your loan is forgiven, and the money is yours to keep.
It’s a great stimulus to support the economy. If you’re curious or have questions, feel free to DM me. Convo is happy to give you more information to help explain anything about this further. Thank you, be safe!