insurance | employee benefits | financial services

How does the CARES Act affect small business?

Apr 28, 2020 | Thought Leadership

Store fronts in a small town business district

Ameritas offers insights in this public webinar

The CARES Act is an historic piece of legislation aimed at helping our country navigate and recover from the financial impact of the COVID-19 (coronavirus) pandemic. The 800-page document signed into law at the end of March 2020 contains detailed provisions designed to help individuals, families and businesses.

Making sense of it all can be a daunting task, though, which is why Ameritas joined with the financial advisors in our field network to provide an overview of the CARES Act. On Thursday, April 23, Andrew Rinn, leader of the Advanced Planning team at Ameritas, hosted this public webinar to help small business owners manage during a very challenging time.

On April 24, additional funding was approved allowing the Small Business Administration (SBA) to resume acceptance of Paycheck Protection Program (PPP) loan applications beginning April 27, guaranteeing continued interest in this information.

Some of the questions covered during the webinar follow:

  • Is there anything that can make me ineligible for either a PPP or an Economic Injury Disaster Loan (EIDL)?
  • If I get an EIDL, can I also get a PPP loan?
  • Can I get more than one PPP loan?
  • What is the interest rate on a PPP loan?
  • I sold my business and am being paid in installments over 10 years. Can SBA loans or other grants be used for installment payments during this time?
  • Can a business’s self-rental payments be forgiven?

Listen to the entire webinar for the answers to these and other questions being asked by small business owners and financial professionals. Also found on the Ameritas Newsroom, you can read our Synopsis of the CARES Act.