One day, the global pandemic surrounding the coronavirus will end, and countries and states will reopen. The question on every business owner’s mind, however, is when this will happen. Both small businesses and massive corporations are struggling through this global humanitarian and economic crisis, and there are a lot of unknowns about the future after this pandemic runs its course. Companies struggling to survive this crisis may wonder what their future will look like and how they can recover. The team at Dallas law firm, Ritter Spencer, is here to advise and support business owners as they work to strengthen their company after the coronavirus.
Many small businesses are asking about the Paycheck Protection Program, which is a large part of the Coronavirus Aid, Relief and Economic Security Act, or the CARES Act, passed by Congress and signed by the President on March 27, 2020. The Paycheck Protection Program will provide loan assistance to small businesses and is designed similar to a grant program to be paid by the government to keep small businesses operating. The Paycheck Protection Program is essentially free money for small businesses to use to stay afloat and prevent mass layoffs as a result of the COVID-19 pandemic.