The Coronavirus Aid, Relief, and Economic Security (CARES) Act that has passed Congress provides substantial assistance for small businesses to help cover payroll, rent, and utilities during the coronavirus outbreak. A summary breakdown of the provisions included in the act is provided in a press release from Senator Udall’s office this week. A more extended summary of the paycheck protection provision, which allows employers to retain and pay employees, is available on the NM Economic Development Department coronavirus web page. Note that this provision applies to businesses that continue to pay employees even if those employees are unable to perform work due to the COVID-19 outbreak.
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