On Tuesday, the Kentucky Chamber hosted a webinar for its members with Neil Bradley, Executive Vice President and Chief Policy Officer for the U.S. Chamber of Commerce, where he broke down the basics of the CARES Act and provided guidance for both individuals and businesses across the country on the $2.2 trillion relief package.
From unemployment benefits for individuals to paycheck protection loans for small business, there are several ways Kentuckians may apply for relief in these trying times. The CARES Act was the third phase of congressional response to the coronavirus, and Bradley said more actions were coming at the federal level to soften the economic blow the disease has dealt to the national economy.
Chief among changes described by Bradley was a request for additional funding for the paycheck protection program, which allows lenders to administer forgivable loans backed by the federal government for small businesses under 500 employees. There are several guidelines businesses must follow, such as keeping their current employees on the payroll, in order to have loans forgiven.
Approximately $349 billion was appropriated for small businesses in the initial bill, but Bradley said there have been so many applications in under a week since its launch, that congressional leaders are already working with the Trump Administration to pump more money into the program.
“Basically, they don’t want businesses to miss out on this relief just because they were late to apply,” Bradley said.
Bradley also discussed relief options for mid-size and larger employers, as well as employee retention credits and delaying of payroll taxes that can be beneficial for businesses across the country, advising employers to contact their payroll provider to stop payroll tax. He also gave his views of what the next steps may look like as America begins to bounce back from this global pandemic.
The full webinar with the US Chamber’s Neil Bradley is available here. Bradley also plugged the US Chamber’s website, uschamber.com, as a resource for businesses seeking relief.