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John M. Davis - Principal, Retirement Products
It's been a little over a month since the initial CARES Act was passed.
The largest economic stimulus package in U.S. history - more than $2 trillion dollars - was authorized to fight COVID-19 and its effect on the economy. This includes recovery payments to Americans, support for the medical industry, relief for impacted businesses and loan programs for small business owners.
The United States has roughly 6 million small businesses. Those businesses employ roughly half of all Americans.
As coronavirus entered the country, many of these businesses were forced to pivot quickly. Unemployment has since surged and small business owners are navigating these rough waters in hopes to stay afloat.
Congress has been passing legislation to ease some of this burden and help bridge the gap for this crucial piece of the American economy.
In this video, industry professionals help dissect exactly how the CARES Act affects those business owners - including what it means for the self-employed and non-profit organizations - and shine a little light on what this means for today's economy. A small business owner also shares his perspective on how the loan may affect his business.
"Unprecedented is the right word for it. There's no playbook for this. There was no playbook for shutting down the economy. There's no playbook for reopening the economy. And so we're going to have to be flexible and kind of patient as we do it."
- Neil Bradley, Chief Policy Officer for the U.S. Chamber of Commerce
"The most appealing part about the Paycheck Protection Program for small business owners is that these loans may be fully forgiven (including interest) if the loan proceeds are used for payroll costs (including benefits), mortgage interest, rent, and utilities, while maintaining staff and payroll during the crisis."
- John Davis, Principal, Retirement Products for Edward Jones
Want to learn more about what this legislation means for your small business? Find a financial advisor near you and schedule a virtual meeting today.