Some Business Resources In The Time Of Covid-19 – Part I

By: Harvey Brofman

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The CARES Act

By now you have probably heard that Congress has just passed the $2.2 trillion Coronavirus Aid, Relief and Economic Security Act. The intention of the CARES Act is to assist our nation’s small businesses, certain non-profits, and other employers with their needs during the current Covid-19 crisis by providing resources necessary for survival.

Many of you know that in my other full-time job, I invest in and work with startup companies. The coronavirus pandemic has wreaked havoc on many small businesses, and I have spent a great deal of time with other investors and business leaders to dig into what kind of insight, help or other potential resources we can make available to our portfolio companies.

I thought I would share of few of the things we have found in a couple of posts here, after all, Pharmacy is one of the critical businesses open during the crisis. We thank you for that and appreciate what you are doing for our communities. This is part-I of the series.

Chairwoman Velázquez (NY) of the House Small Business Committee has created The Small Business Owners Guide to the CARES Act for more detailed information about programs and initiatives that are becoming available, as well as additional tax provisions. The guide addresses common questions to help you understand if any parts of the bill can help you, such as:

• Do you need capital to cover the cost of retaining employees?

– The Paycheck Protection Program might be right for you.

• Do you need a quick infusion of a smaller amount of cash to cover you right now?

– You might want to look into an Emergency Economic Injury Grant.

• Do you need to ease your fears about keeping up with payments on your current or potential SBA loan?

– The Small Business Debt Relief Program could help.

• Do you need quality, free counseling to help navigate this uncertain economic time?

– Resource partners might be your best bet.

Check out the full document here.