The Coronavirus Aid, Relief and Economic Security Act (CARES) establishes new sources of funding for businesses hit by the COVID-19 pandemic. Here’s a list of Academy resources on loans and grants, financial relief and tips for small businesses weathering the emergency.
The stimulus bill has allowed businesses with fewer than 500 employees and individuals who are sole proprietors or independent contractors to apply for Economic Injury Disaster Loans. It also provides funds for emergency grants to those who apply for an economic injury disaster loan. Download the EIDL fact sheet (PDF).
The stimulus bill provides $350 billion in funding to create a new program through the Small Business Administration that will provide small businesses and other entities with zero-fee loans of up to $10 million. Download the PPP-EIDL fact sheet (PDF)
The Centers for Medicare & Medicaid Services will accelerate advanced Medicare payments available to physicians and other health care providers due to the effects of the COVID-19 pandemic.
Read answers to questions about the Provider Relief Fund.
See a fact sheet on the first round of Provider Relief Fund grants (PDF) for health care providers.
The CARES Act provides tax relief for ophthalmology practices to offset the financial impact of the COVID-19 emergency.
Other measures in the CARES Act to help you and your employees
Financial consultant Jim Hiles highlights specific provisions of the CARES Act. This includes information on stimulus checks, no-cost testing for COVID-19, borrowing from 401(k) plans, small business (interruption) loans (SBAs), payroll tax credits, student loans, using health savings account for telehealth and more.
Academy and AAOE staff and members share tips on financial considerations and links to government websites with information on loan programs.
Financial adviser Jim Hiles provides 10 tips on how to deal with the dramatic financial fluctuations in the market resulting from the pandemic.