The bill contains provisions for restaurant businesses and expands loan options for small business owners, though not all programs are available today, and there’s no official timeline yet for when operators can expect to receive money.
Applicants aren’t required to prove hardship; only sign in good faith that their business was impacted by the coronavirus. There’s no “credit elsewhere” test, previously a determining factor in the SBA process that required borrowers to seek other avenues for funding first. And business owners don’t have to guarantee the loan or include collateral—like a personal residence—to secure it.
“Hopefully on the other side of that there’s some official relief of the economy and society turning into something more normal, but who knows,” said Meghan Blair-Valero, managing director of Fogged In Bookkeeping, a Massachusetts-based company with about 100 restaurant clients. The CARES Act also allots an estimated $10 billion in grants to supplement Economic Injury Disaster Loans , an existing program invoked mainly during natural disasters, like hurricanes.
Knight said her organization has encouraged all of its members who qualify to apply for EIDL assistance. Workers will receive extended unemployment benefits, including a longer benefit period and a $600 per week increase for the first four months of collection. Benefits extend to gig workers and freelancers were previously ineligible for this type of aid. The plan does not address undocumented or cash workers, a gap that many private relief organizations are working to fill.
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