In the face of the unprecedented COVID-19 pandemic, the private sector is taking steps to help American families, workers, and small businesses through the crisis.
For instance, software company Intuit has released “Intuit Aid Assist,” a free, interactive website designed to help small businesses determine their eligibility and apply for Coronavirus loans and grants created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The CARES Act allocated funding to the Small Business Administration to administer assistance to small businesses through the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) relief programs.
Implementing these loans has been a chaotic process due to the speed at which these programs have been created, and the high demand from small businesses for assistance. However, assistance is desperately needed as small businesses across the country are struggling to meet payroll due and keep their doors open due to a loss of income stemming from the pandemic.
Intuit Aid Assist helps small business navigate through the application process by providing key information including whether they meet eligibility requirements, conditions for accepting the loan, how much of a loan may be forgiven, and an estimate of loan amounts they can expect. For businesses that are eligible, the website provides information on how to apply for a loan.
This will help small businesses get the information they need to quickly and accurately apply for assistance. This tool is also just one of many ways that businesses are stepping up to the plate during the pandemic. For instance:
- Companies large and small are donating supplies and retrofitting facilities to produce masks, ventilators, and other medical equipment.
- Pharmaceutical companies are working at record pace to develop a Coronavirus vaccine and manufacturers already have numerous clinical trials underway to develop treatments. In the meantime, companies are providing financial support and donating supplies to patients and organizations around the world.
- Health plans are also stepping up to ensure American patients don’t have to worry about paying for Coronavirus-related health expenses.
- Technology companies are making it possible for millions of workers to videoconference and work remotely, as well as providing critical support for frontline healthcare workers.
- Technology companies are also helping ordinary Americans get through this crisis by waiving late fees, providing unlimited data for users, and helping employees stay afloat with expanded compensation programs.