April 03, 2020 COVID-19- The (CARES)

The Coronavirus Aid, Relief and Economic Security (The CARES Act) is the largest economic relief bill in US history and will allocate $2.2 trillion in support to individuals and businesses affected by the pandemic and economic downturn.   

  Over the next few days I’m going to try to look into each component as we continue to stay in and help “flatten the curve” 

Here’s a breakdown of how the money will be distributed.

Paycheck Protection Program (PPP):

  This is a Small Business Administration loan that helps businesses keep their workforce employed during the Covid-19 crisis.  

This might be the most promising portion of the legislation. With its low interest rate and forgiveness potential, the PPP aims to sustain small businesses without burdening them with significant debt to pay off when the crisis has passed and, in the process, its goal is to keep people in their jobs and stem the tide of unemployment nationwide. 

  

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll even though they are not working. 

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

It should be noted here that all non essential businesses have been closed due to this pandemic. ie: hair & nail salons, health & beauty shops, etc. 

Also, some essential businesses (restaurants, etc) are “take out” only, so all “dine-in” employees are not needed. 

This program is a “loan” to those businesses to keep those employees paid, and business expenses paid due to their loss of income. 

  The meaning “Essential” generally applies to workers in law enforcement and public safety, food production, health care providers and emergency personnel, among others. As the pandemic continues to spread and states take tough measures to contain it, workers in other industries are being added to the list:

Workers conducting COVID-19 research and testing.

Pharmacy employees who are necessary for filling prescriptions.

Workers who provide security services to hospitals and other critical industries.

Mass transit and airport workers.

Food and agricultural workers, to include those who work in grocery stores and restaurants. Many restaurants in a growing number of states are only providing delivery and takeout service only.

Energy sector employees considered critical to sustaining utilities, telecommunications and natural gas, among others. Gas station employees are included.

Mortuary and funeral service workers, including crematoriums and cemetery workers.

Employees who manufacture safety and sanitary products, medical equipment, pharmaceuticals, chemicals and food processing.

Workers who support national security commitments and the military.

Water and wastewater employees needed to manage drinking water supplies.

Bank employees needed to process transactions and payments, along with customer service workers at call centers. Payroll and certain insurance workers also apply. Some of those functions can be done remotely, as many companies are asking employees to work from home if possible.

Vendors that provide essential services or products like logistics, child care services, along with hardware and supply stores.

The news media.

Building cleaners and janitors.

Those who work in trash collection and disposal, animal shelters, certain warehouse and fulfillment centers, food banks and mail and shipping service centers. Certain charities also apply.

As you can see, I’m trying to do a lot of copy/paste in my research so I apologize for the different fonts. (I’m not real proficient with this app). 

Last but not least, the RECOVERED total is still higher than the death rate

Important links to keep us informed: 

https://www.worldometers.info/coronavirus/

https://www.cdc.gov/coronavirus/2019-ncov/

Stay calm, wash your hands and pray for our world  ❤️🙏