The US Senate Committee on Small Business & Entrepreneurship (SBE) has released a guide to the small business provisions that are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Some of the programs include the Paycheck Protection Program (PPP) to provide “cash-flow assistance” to small business owners who maintain their payrolls during closures due to coronavirus precautions; the Small Business Debt Relief Program that provides non-disaster SBA loans; and Economic Injury Disaster Loans & Emergency Economic Injury Grants of up to $10,000 for businesses and private nonprofits affected by coronavirus.
A survey published last week by The Hearing Review suggested that the average dispensing office can stay closed for just over a month before experiencing severe/threatening financial problems—although 10% of hearing care professionals say they can stay closed for only a week, and 9% say they can’t afford to close at all. Additionally, the survey indicated that over half of practices anticipated their gross revenues to decrease by over 75% in the next month. Thus, many hearing care practices may be looking for assistance in the form of grants and/or loans in the coming months.
To download the SBE guide (PDF), please click here.
Source: The US Senate Committee on Small Business & Entrepreneurship