If you have been closely following the news recently, you will have heard a lot of new terms or phrases that you might not understand. This post will help breakdown those phrases and help you navigate this new language. This is not a complete list, as new terms come out daily, but a good overview to start from.
“Phase 1, Phase 2, Phase 3” – These are all separate pieces of federal legislation that appropriate money to various issues.
FFCRA – Is the Family First Coronavirus Response Act. This is also known as “Phase 2,” which provided paid family and paid sick leave. Take a look at our “Conversation with the Chamber” series. Episode 4 takes a deeper dive into this bill’s specifics.
CARES Act – The “Coronavirus Aid, Relief, and Economic Security Act.” This is the name of the legislation that was signed into law by President Trump on March 27th. Also known as “Phase 3” The bill is a $2 TRILLION stimulus package that includes individual checks to every person in the U.S. as well as billions more in funding to industries heavily impacted by the COVID-19 crisis.
SBA – This is the “Small Business Administration.” This is a Federal program to help small businesses. If you have not heard of them or worked with them, I would encourage you to check out their website. They also have a TON of information and resources to help all businesses right now. We have shared a lot of their information, stay tuned to our blog and website for more information as becomes available.
EIDLs – These are “Economic Injury Disaster Loans.” Funds for these loans became available through an executive order from the President. These loans are only available online to eligible businesses. You can find out if you are eligible here and apply for the loan here.
