Under the CARES Act, there have been many changes to help economic condition in the USA to get its ground back. Not just the Paycheck Protection Plan, but William D King talks about some of the other options available under this lot. Understanding those points from the core is important and it will help give the people a new hope to live their lives, when even the COVID scenario is taking all the happiness out of businesses. With financial restrictions and more, it will be very tiresome to get hands on the best financial help. Butt, thanks to the CARES Act, things will start to take a better shape for sure.

William D King talks about Economic Injury Disaster Loans:

Under the current expansion of the present EIDL or the Economic Injury Disaster Loan Emergency Advance program, the smaller businesses, which got highly affected by the pandemic, were now able to apply for the EIDL of around $10,000, which they don’t have to repay.

For these particular loans, the eligible candidates can easily borrow around the highest rate of $200,000 without any form of personal guarantee. So, if you want to avail some help for funding your small business, this package will sort out your needs well.

Now for the Pandemic Unemployment Insurance:

This plan has been extended to both the eligibility and benefit amounts for the current employment, associated with the emergency section.

  • The eligibility for the unemployment benefit was extended to those who might not get qualified in case their loss of work was actually associated with the COVID 19 pandemic. This will include the self-employed and contractors whose existing benefit has already been exhausted.
  • It is also meant for those people looking for part-time employment or those with improper employment history. If anyone, who is not otherwise qualified for the job, can also avail the help of this plan.
  • But, this plan will mainly exclude those who will have the power to continue their jobs, by working remotely online or were being paid sick leave or any other leave benefit because of work interruption.
  • This plan will actually extend from the duration of some regular unemployment benefits for the affected workers from norm of 26 weeks to as long as 39 weeks.
  • It also extends payment of the benefits to 1st week of unemployment, which was not prohibited by state laws.

On the other hand, this section will fund a new benefit under Federal Pandemic Unemployment Compensation of $600 per week along with the regular unemployment benefit, which continued through end of July 2020.

The last stage:

In late December 2020, the FPUC got modified and extended to be a part of Continued Assistance Act. The modification provides added $300 per week within the benefit ground. The funds were made available for any unemployment week, starting from December 26 2020 and ending before Match 14th, March. The benefits finally ended on September 5th, 2021.

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