Financial help is now available for small businesses impacted by the COVID-19 pandemic.
Late last month, President Donald Trump signed into law the CARES Act. This law contains many provisions to provide assistance to workers, families, businesses and the healthcare industry who have been affected by the pandemic.
A provision designed to provide direct assistance to small businesses is the “Paycheck Protection Program”. Luke Brady, Vice President of the Delaware County Bankers Association, explains.
Steve Boeckenstedt, who serves on the Association, says there are some requirements on where the funds may be used.
Along with small businesses, many individuals are concerned about their finances during this uncertain time. Boeckenstedt says the markets have taken a dip, but so have interest rates – so it may be a good time to refinance.
And with the federal government sending out stimulus checks of $1,200 or more, Brady has some advice on what to do with that money.
For more information on how to handle your personal finances or applying for the Cares Act, contact your local lender.