CARES Act Winners, Losers, and What It Means For Small Business Owners

There’s no denying that among the hardest hit from the economic fallout related to the COVID-19 pandemic have been small business owners. And while the federal government has promised help, the way that help looks across America has appeared far from equitable in its distribution.

Lessons Learned?

From the very beginning of this economic crisis, everyone’s eyes have been very attuned to how well policy makers in Congress, the Treasury Department and the Federal Reserve will respond given the lessons learned from the 2008 recession. One of the biggest lessons from 12 years ago was related to the ways in which every day Americans were left in the dust while big banks were bailed out.

Now, more than a decade later, it appears that lesson has only been partly learned.

Despite the rollout of several aid packages totaling upwards of US$2.6 trillion, many of which were targeted specifically at small business owners, the results so far still appear to be lop-sided. Moreover, for small business owners, the process of applying for and receiving any kind of assistance has been fraught with confusion and challenges.

For one, while the programs may have been intended to support small businesses, the reality is that many bigger companies have continued to be prioritized in the roll-out. By way of example, large airlines have received billions of dollars in assistance, while many small companies have been left with little to nothing and stringent requirements on how they can use the little they received.

The bottom line is that once again independent business owners are being swept to the side and, as a result, are left with very few, if any, workable financial solutions to help them stay afloat during such a trying time.

If this happens to be what you’re experiencing, it’s time to fight back and ensure that you receive the assistance you’re entitled to. At Jacobs Legal, we’ve here for just that. If you have questions about your rights and how to fight back against inequity, don’t delay in calling us.