What Architects and Firms Need to Know About the Federal Coronavirus Stimulus Plan
Gain essential knowledge and information on the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This discussion was recorded live on AIAU on April 2, 2020.
On Friday, March 27, after days of intense negotiations, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This sweeping $2.2 trillion emergency stimulus package was passed on a bipartisan basis to help abate the massive economic disruption caused by the coronavirus (COVID-19) pandemic. In addition to direct payments to huge swaths of the American population, this Act provides for $350 billion for small business loans, an expansion of unemployment insurance, and tax relief to some employers. Further, for those firms that do business directly with the federal government, there are a number of provisions that address new programs that are being made available to government contractors. Many of these provisions will aid businesses in making difficult decisions about their workforce as the nation comes to a standstill due to the need for social distancing. In particular, employers that maintain their payroll will be eligible for forgivable loans to blunt the impact of the virus.
- Describe the scope of the Coronavirus Aid, Relief, and Economic Security (CARES) Act as it relates to architects and firms, large and small.
- Identify the programs in the stimulus act that will benefit architects and firms.
- Discuss the aspects of the act that have restrictions or limitations based on firm size or other criteria.
- Recognize the goals of the CARES Act to provide resources and incentives for maintaining payroll within firms and practice.