Specifically, the Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated approximately $349 billion in relief for small businesses. Unfortunately, many of the financial relief tools intended to help American businesses work through the era of COVID-19 are no longer available. The employer’s business, however, must have experienced a full or partial suspension of operations or a significant decline in gross receipts during the eligibility period. Whether determining eligibility to claim ERCs, PPP loans, EIDL loans, or any other COVID-19 relief, intricacies abound. What is certain is that businesses that want to make the most out of the currently available COVID-19 relief tools should apply for them swiftly.

Source: Wall Street Journal December 17, 2021 15:38 UTC