How The Stimulus Benefits Small Businesses

A record number of American workers filed for unemployment in March. One in three says they or an immediate family member has been laid off as a result of the coronavirus. Half say they’ve experienced cuts in pay and work hours, according to a poll from ABC News/Washington Post.

On March 27, the president signed a $2 trillion plan to stimulate the economy: the Coronavirus Aid, Relief, Economic Security (CARES) Act. The relief package provides lump-sum checks to many Americans, defers payroll taxes for eligible small businesses, and expands unemployment coverage to self-employed workers.

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