We’ve heard a lot of questions about the government’s Coronavirus Aid, Relief, and Economic Security (CARES) Act lately. Roofing contractors and companies of all sizes are wondering what aid they qualify for, and what they have to do to apply. We’ll take a look at what the act does and offer you some resources to help you find out if you qualify for aid, in this week’s blog.
What does the CARES Act do?
The CARES Act’s purpose is very simple; “To provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic.” (Congress.gov) But like any federal program, there’s a lot of information in the bill, more than we can get into in a single blog. (We’ve also worked with our parent company EverCommerce to provide you with an eBook that contains even more valuable information. You can download the eBook below.) For roofing contractors, the act’s main points of interest will be the Small Business Administration’s Loans and Tax Credits. But how do you find out what your business is set to receive?
How do I know if I qualify?
The easiest way to find out if your business qualifies as a small business is to go straight to the source. The Small Business Administration’s (SBA’s) website has a tool to determine if you qualify, click here to get started. You’ll need your NAICS code, roofing contractors can use the code 238160. If you need a different code to classify your business, click here to find the correct code.
If you qualify as a small business through the SBA, you may want to look into the Paycheck Protection Program (PPP) as well as the Economic Injury and Disaster Loans (EIDL) and Loan Advancement programs. They’re designed to help small businesses weather the difficult situation the industry is in, with financial assistance to continue operations. Our friends over at PaySimple have put together an excellent guide for navigating the intricacies of the PPP, EIDL, and small business tax credits available, click here to get more information.
What will aid mean for my business?
The aid you receive will vary based on your business’s qualifications, and which programs you apply for. Some aspects of the CARES Act will disperse automatically, but you’ll need to do your research to make sure that you’re covering your bases and applying for the aid you need. There’s assistance available to cover payroll costs, employee sick leave, and much more. There are also new tax credits available that you should bring up with your accountant.
We know that times are tough, and we hope that we’ve provided you with some resources to help navigate the murky waters of the CARES Act. We’ve also worked with our parent company EverCommerce to provide you with an eBook that contains even more valuable information. You can download the eBook, A Complete Guide to the SBA Cares Act – Resources for COVID-19 Economic Relief at the link below.
Stay safe out there,
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