The Coronavirus Aid, Relief and Economic Security Act (CARES Act)

The Coronavirus Aid, Relief and Economic Security Act (CARES Act)

Existing SBA lenders can start accepting applications from small businesses and sole proprietors on April 3

As expected, the CARES Act cleared the Senate by a vote of 96-0 just before midnight on March 25, and the House passed the bill on Friday, March 27. President Trump signed the legislation Friday afternoon.

Notably, the CARES Act represents the most significant stimulus package in our nation’s history. It contains many complicated and intersecting provisions that will take time to interpret, particularly as we await further clarifications from the Department of Treasury, Department of Labor, and the Small Business Administration.

We know many of you have questions about the implementation of these legislative provisions. Information from the federal agencies will be made available on www.avma.org/coronavirus as it becomes available. We encourage you to submit your questions on the CARES Act or the Families First Coronavirus Response Act via coronavirus@avma.org; these will inform a FAQ document to follow.

FREE WEBINAR: What’s the right small business loan option for your situation? Compare the various programs available to you in a free, on-demand webinar on AVMA Axon. Watch COVID-19: CARES Act small business loan programs. Free for AVMA/SAVMA Members and Free for Non-members



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