Understanding the Federal Government’s $2 Trillion COVID-19 Stimulus Package

The $2 trillion stimulus package recently passed by Congress is the largest economic stimulus measure in modern history. The bill is a $2 trillion combination of tax provisions and other stimulus measures, including emergency business lending. The measure promises to provide help for struggling American families and businesses, as well as health care workers on the front lines of the coronavirus outbreak.

The stimulus package includes programs and initiatives as part of its Coronavirus Aid, Relief, and Economic Security (CARES) Act. Outlined below are two types of CARES Act assistance for employers. It has been suggested that it may make sense for an employer to apply for both.


1) Paycheck Protection Program (PPP)

Need capital to cover the cost of retaining employees?

The PPP loan is designed to provide a direct incentive for small businesses to keep their workers on the payroll. The U.S. Small Business Administration (SBA) will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

Learn more about the PPP, including eligibility requirements and how to apply, at the SBA PPP webpage here >

PPP Borrower Application >
PPP Quick Overview >
PPP Borrower Fact Sheet >


2) Economic Injury Disaster Loans & Emergency Economic Injury Grants

Need a quick infusion of a smaller amount of cash to cover you right now?

These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.

Learn more about these grants and the application process here >


ACTION: Review These Resources and Get Ready to Apply

To learn more about these two relief opportunities, as well as other assistance provided as part of the CARES Act, we highly encourage employers to review the following resources.

• The SBA’s Small Business Owners Guide to the CARES Act > *
• The SBA’s Coronavirus (COVID-19): Small Business Guidance & Loan Resources webpage > *
Our overview of what’s included in the $2 trillion stimulus package >
Note: Employers should be aware of additional CARES Act provisions affecting their workforce, including expanded unemployment benefits and direct payments coming to taxpayers.

*Important disclaimer: These resources were recently released by the SBA and changes may occur or additional information may be required by the SBA-approved lender. To receive email updates direct from SBA, enroll here >


Our Mission of Service

Our team at North Risk Partners will continue to monitor regulatory updates and guidance related to the COVID-19 outbreak and send you information as it becomes available. We are here to help you through this and face the risk of this virus head on, which to us is about helping you proactively control what you can control with facts and evidence-based information. Thank you for continuing to trust us with your business and doing your part to help protect our communities by controlling the spread of COVID-19.

NRP Heart

If you have questions related to this update, please contact your North Risk Partners advisor. Don’t have an advisor? No problem. We’ll help you find one.

This regulatory update is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal advice.