Good news to report for small businesses. The US Congress stepped up and passed the $2 trillion stimulus package aimed at stemming the economic fallout caused by the coronavirus pandemic. President Trump signed it into law moments after it cleared the House of Representatives on Friday.
We’re here to break down exactly how small businesses can leverage the monetary relief provided in this unprecedented aid package.
While the stimulus package is not earmarking specific funds to the wellness industry, it does unlock $349 billion in loans for small businesses. Among the program’s best features–funds used to cover payroll expenses, rent, interest on mortgage obligations, and utilities will count as grants and will not have to be paid back. This is a crucial lifeline for millions of small businesses that have been impacted by social distancing and shelter-in-place orders.
