The $2Trillion stimulus package, known as the Coronavirus Aid, Relief and Economic Security Act (CARES) signed by President Trump on Friday in response to the financial burdens resulting from the coronavirus outbreak is the largest in U.S. history.  While a portion of the package consists of one-time payments to individuals and families – approximately $1200 per person and $500 credit per child – based on their tax-reported income from 2019 or 2018, there are also specific relief funds set aside to ease the burden on businesses.

Approximately, $300-450 Billion have been earmarked to help keep small businesses afloat through a series of measures by the Small Business Administration and private banks. Under the Paycheck Protection Program, the U.S. Small Business Administration (SBA) will offer a forgivable loan program that allows small businesses to continue operating, pay employees, receive unemployment insurance and a payroll tax credit.  Most notably, the legislation does not provide relief for portfolio companies owned by private equity or venture capital firms. To read more about the specifics of the CARES Act and how it can support your small business, see the complete guide and checklist from the U.S. Chamber of Commerce

On a macro level, the impact of COVID-19 will undoubtedly change the way that world connects and does business across borders.  Going towards digital platforms and eCommerce may help small businesses overcome much of the battle, but with inevitable short and long-term changes in the global supply chain looming, eCommerce businesses should take the time to understand how they can adjust their operations, production, shipping and fulfillment – and use any benefits available to them from the CARES Act to do so.  

Additionally, you can find more information and metrics on how COVID-19 is affecting online shopping behavior and sales from Adobe, and how industry leaders Shopify, HubSpot and Amazon are responding to and supporting their clients through the temporary economic slowdown.  

CITC COVID-19 Business Resources

We’re here to help during the COVID-19 shutdown with free digital tools, resources, and trade experts ready to assist your small to mid-sized business during these times of uncertainty.

Kuntal Warwick
Kuntal Warwick

Global marketing and business professional with experience across industries and a focus on innovation.  Expertise in corporate and organizational engagement and partnerships, and impactfully articulating an organization’s mission for a global audience.