The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, and provides protection to millions of Americans employed by small businesses through additional avenues than those already in existence in order to assist small businesses to stay afloat amid the current coronavirus global pandemic and looming economic crisis.

The CARES Act directs $349 billion toward a federal small business loan program called the Paycheck Protection Program (PPP) which is designed to provide capital to small businesses quickly and to incentivize job retention. This allows businesses to be proactive now in order to combat and mitigate potential losses.