Coronavirus Aid, Relief, and Economic Security Act (CARES)
Signed into law on March 27, 2020, the CARES Act also provides tax relief and additional aid provisions.
CARES Act targets middle market with Main Street Lending program
Under the CARES Act, the federal government’s new Main Street Lending Program is designed to provide liquidity to middle market companies responding to the COVID-19 pandemic.
Midsize businesses, defined as those with 500 to 10,000 employees, may be eligible for loans under the new plan. Smaller organizations with fewer than 500 workers may be covered under the act’s additional provisions, the Economic Injury Disaster Loan Assistance program (EIDL), and the Paycheck Protection Program, which is administered by the Small Business Administration.
Contact your CPA at Ricci & Company for more information. © 2020