U.S. federal relief for individuals and businesses

Last week, the U.S. Congress passed and President Trump signed into law the CARES Act (the Coronavirus Aid, Relief, and Economic Security Act) — a significant piece of legislation that seeks to provide approximately $2 trillion worth of economic assistance to consumers and businesses. 

The federal government is currently finalizing the details and protocols about how and when the different programs and relief will be implemented, and how Bank of America will fulfill our role to execute those programs as a financial services company. While we cannot process any loan requests until those rules are finalized, please know that we will be in touch with you as the federal government’s process becomes outlined. Our firm will provide more information as we learn more. 

As a part of the new relief plan, the Small Business Administration (SBA) has created a nearly $350 billion loan program called the Paycheck Protection Program. The program is available to distressed businesses with fewer than 500 employees to help with payroll, rent, utilities, healthcare costs and more. The SBA has also expanded their existing programs like Emergency Injury Disaster Loan grants.