Coronavirus Aid, Relief, and Economic Security (CARES) Act - Small Biz Highlights

The Senate passed the bill (as of Thursday afternoon 3/26) and the House is expected to pass it tomorrow. Here is a brief summary of parts of the Senate bill that relate to small business and unemployment. And some other parts I think are most interesting. Let’s use this funding immediately to help our small business find relief and pivot to answer immediate needs in our communities.

Small Business Triage in 3 Steps

Local governments, philanthropy, and non-profits across the country are coming to the aid of small businesses to help them survive this crisis. The need is urgent as more states close nearly all businesses to contain the spread of COVID-19. But access to information and resources is spotty at best, and there is an overwhelming need to fund relief for small businesses. Here is triage in 3 steps that we discussed on Monday with 100 people on zoom.

Hitting the Pause Button on the Economy: Fund Small Business Relief for COVID-19 Now

“It’s not just that we’re slowing down things. We’re actually hitting the pause button, and there is no precedent, there is no mold for that.” Diane Swonk made it vividly clear that this isn’t about a quick emergency. This is our economy hitting pause – something for which we have no precedent and no model. There are three steps we can take now to make a big difference.

Hidden in Plain Sight

“There was this hidden economy already chugging along that no one had capitalized on.” Those words were like lightning bolts on the phone. I was talking to my client in Columbia, MO (The Business Loop – a community improvement district), and all of a sudden Carrie (the exec) said it about our work to bring small-scale manufacturing businesses into the community development project.