As detailed in the economic modeling we released last week, and many other economic impact reports that come out since the start of the crisis, small businesses will likely be hit the hardest as a result of social distancing and public health guidelines. Therefore, a major component to the bipartisan federal stimulus bill recently signed by the President includes specific provisions aimed at supporting small businesses financially during the stalling of economic activity. While there are several provisions, one of the most impactful could be the $350 Billion allocation within the stimulus bill, referred to as the Paycheck Protection Program, to allow most small businesses to obtain loans to cover such necessary expense as payroll, rent and utilities. For business that qualify, and only use the loan for covering these essential expenses, the entire loan amount may be entirely forgiven.
You can learn more about the details of the small businesses provisions within the stimulus package and the Paycheck Protection Program here: