The CARES Act – What’s in it for you?

April 1, 2020

  Important links:
  Small Business Administration (SBA) website
  U.S. Department of the Treasury website
  PPP Borrower Information Fact Sheet
  U.S. Chamber of Commerce Guide and Checklist

In our blog post yesterday, we mentioned the CARES Act. Under the newly signed act, states may be able to extend unemployment benefits to people who were not previously covered by Unemployment Insurance, including Self-employed or 1099-independent contractors.

The CARES Act is significant for the Pilates industry because it extends potential benefits to both Pilates teachers and Pilates businesses.

A provision of the CARES Act that we would like to highlight for you is the Paycheck Protection Program (PPP).

The PPP is a program for small employers, self-employed individuals, and “gig economy” workers, with $350 billion to help prevent workers from losing their jobs and small businesses from going under due to economic losses caused by the COVID-19 pandemic.

The PPP provides 8 weeks of cash-flow assistance through 100 percent federally guaranteed loans to small employers who maintain their payroll during this emergency.

The Treasury Secretary just released a PPP Borrower Information Fact Sheet, which states, among many other important facts about this program, that potential borrowers can begin applying for PPP loans this Friday. More information, just released by the Treasury Secretary, can be found here.

We also encourage you to visit the SBA website for more information about the PPP.


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Category: Business