The third phase of COVID-19 legislation was signed into law on Friday, March 27, 2020, and has been named the Coronavirus Aid, Relief and Economic Security Act (CARES Act). For small businesses, this legislation means that $349 billion in stimulus dollars is heading out to eligible small businesses, sole proprietors, ESOPs, non-profits, veterans organizations, and other tribal business concerns, to provide assistance maintaining payroll and employee benefits, along with overhead costs. My colleague Cassandra Rice detailed the options in this Law Alert.

Eligible businesses should carefully review the Small Business Administration’s (SBA) eligibility requirements for each program, which our colleague Jack Meadows laid out in this Law Alert.