49 - COVID-19: How to Understand the CARES Act

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The new CARES Act the government released has lots of options for small businesses and the newly unemployed. Should you get an EIDL loan? Or should you get a PPE loan as an employer instead of laying off your employees? If you're self-employed or in the gig economy, do you apply for unemployment, or an EIDL loan?

The new CARES Act the government released has lots of options for small businesses and the newly unemployed.  In this first, quick and dirty explanation of the CARES Act we explain your options. 

  • Breaking down the Cares act

  • Who’s eligible [1:30]

  • Deciding between PPE Loan and EIDL loan [3:00]

  • CARES Act and unemployment [4:00]

  • Independent contractors and PPE qualifications [5:30]

  • Eligibility requirements determining between  independent contractor or employer or self-employed [6:30]

  • Allowable uses -[8:30]

  • Who is covered by unemployment [10:30]

  • Why this is a crunch for banks in terms of processing [11:30]

  • Determining how much you’re going to get [14:30]

  • Why there is such a hold up [15:00]


If you’d like to watch on YouTube, check out our video here: