Amidst the current state of the business world during the COVID-19 pandemic, Walker’s Legacy understands the importance of sharing resources that financially aid entrepreneurs and the small business sector. The purpose of this guide is to equip and support our community through today’s unprecedented challenges. We’ve compiled a list of resources for individuals, small businesses, and entrepreneurs to access available nutrition, medical, and financial policies put in place for those in need of assistance.
For individuals, the U.S. Government has put together the CARES Act, also known as the Coronavirus Aid and Economic Security Act. This act became the largest economic stimulus bill in modern history. This bill poses a $2 Trillion COVID-19 stimulus package where individuals will receive a $1,200 payout beginning in April 2020 with an additional $500 per child under that individual’s care. This total amount comes to $603.7 Billion and 30% share of the total package.
Since many businesses and common operations have closed their doors, workers have been faced with layoffs, furloughs, and complicated unemployment situations—crippling them financially. Now, the federal government has expanded family medical leave policies along with unemployment benefits. According to the Department of Labor’s recent release of unemployment claims, in the week ending March 28th, the figure for seasonally adjusted initial claims extended over 6.5 million—the highest in U.S. history. Furthermore, the FFCRA will provide emergency funding to states who demonstrate commitments to ease certain restrictions on obtaining employment insurance to assist with processing and paying unemployment benefits.
Walker’s Legacy also understands the urgency of these resources for small businesses and entrepreneurs currently fighting the effects of the current global pandemic. It’s important for businesses to be informed of their options for surviving challenging situations. Resources for small businesses and entrepreneurs include debt relief assistance, federal taxation amendments, and income protection policies.
Small businesses can apply for the Economic Injury Disaster Loan (EIDL) with the SBA exclusively for working capital needs of up to $2 million. Both for profit and nonprofit organizations are encouraged to inquire if assistance is needed. Additionally, the Coronavirus Preparedness and Response Supplemental Appropriations Act of 2020 provides $8.3 billion in emergency funding for federal agencies like the Department of Health & Human Services, the SBA, and the State Department to respond to the Coronavirus outbreak.
All efforts put forth by the United States Government and other sources for aid are put in place to keep the national economy a stable and working ecosystem despite the challenges we’re facing. Please visit the Walker’s Legacy COVID-19 Resource Guide for a comprehensive resource list and information to take advantage of, regardless what category you or your business may fall into. We also understand that as time progresses, more policies and amendments may arise. We are dedicated to keep this guide updated for our community.