What the $2 Trillion Stimulus Means for Your Organization


We've got great news.

Earlier today, Congress and the White House passed a $2 trillion stimulus package in response to the COVID-19 outbreak. The package, called the"CARES Act," will open up new small business loans for many retailers and manufacturers that need support in this tough period.


The 2020 stimulation (the"CARES Act") is nearly 3 times as large as the 2008 financial crisis stimulus ("TARP"). To maintain thousands of Americans used, the small companies loans section alone is nearly as large as what was spent during the 2008 fiscal crisis.

The influence on your business is probably substantial. Legislation such as this comes in complex legalese, so we've worked to assist you interpret the potential effect of the CARES Act on small businesses. We have also assembled a dedicated site that you easily comprehend the two major choices for financial aid available through this stimulation.

Our products:

shopify-pos

woocommerce-pos

commercetools-pos/

magento-pos

bigcommerce-pos

In the coming days, the Small Business Administration (SBA) is expected to describe and provide guidance on the total package information, so details may vary. Meanwhile, eligible companies can start taking steps now to ensure that they receive much-needed support to pay for operating costs and make the most of loan forgiveness opportunities.

While we still have a ways to go before restoration can begin, this action is a hopeful sign for the future. There is a light at the end of the tunnel for our business and we are going to be by your side through these upcoming steps forward.

What's the CARES Act?

The"CARES Act" is a $2 trillion stimulus package with significant focus on small- and midsize companies. Relevant sections include:

  • $377 billion in capital for small companies. Act fast to apply to these. The Paycheck Protection Loans include 8 months of loan forgiveness for a grant if you keep payroll or rehire into pre-COVID-19 staffing levels, and the Disaster Loans (EIDLs) come with a $10k progress in under three days. To help you decide what is best for your company, we have broken down the two major choices for financial relief.
  • $300 billion in direct payments to families. This is meant to create demand from customers and can be sent to you . Most adults could get $1,200 although some might get less, since the payment declines until it stops entirely for single people earning $99,000 per year or married couples earning $198,000 each year. For each child ages 16 and under, the payment could be an additional $500. Read more about this program here.
  • Business and income taxes will be deferred and/or have long timelines. The filing deadline for companies and people will be 90 days after this season (July 15th, 2020). Firms get the ability to apply losses from 2018, 2019, or 2020 to previous years' gains and maintain refunds. Employers will also have the ability to defer paying their share of 2020 payroll taxes, and they could then make half of these payments in 2021 and the other half of 2022.
  • Shop property improvements are getting a tax break. If you have fixed up your shop in the previous 2 decades, this bill includes fixing an error in the 2017 tax legislation which curbed depreciation deductions on renovations. This may mean tax benefits for you.
  • Expanded unemployment benefits. These assets increase the duration of unemployment benefits, and extend an additional $600 per week in addition to state unemployment benefits. You can read more about unemployment benefits here.
  • Other big sections detail support throughout the market, includingproviding the health care system with extra aid, loans to large businesses, and other topics which are not as directly relevant to your company. You can read a review of the bill here and see the complete CARES Act here.

Related posts:

https://www.connectpos.com/top-marketing-trends-in-the-new-normal-state/

https://www.connectpos.com/how-to-protect-your-customers-in-store-with-covid-19-prevention/

https://www.connectpos.com/top-4-barcode-scanners-for-retailers/

https://www.connectpos.com/how-to-run-your-store-in-the-new-normal/

https://www.connectpos.com/when-your-employees-have-covid-19-infection/

https://www.connectpos.com/ultimate-pos-system-reviews/

Our team is inspired daily by the resiliency of small companies and independent entrepreneurs, and we are looking forward to a day when this unprecedented moment in time is behind us. We believe that by working together, we'll come through this experience stronger than before.

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