How the CARES Act Impacts Your Pharmacy

Navigate the Coronavirus Aid, Relief, and Economic Security (CARES) Act and its impact on your pharmacy. The CARES Act provides relief and stimulus directly to individuals and additionally to businesses. There are many provisions in the bill, a portion of which includes $350 billion dollars in relief for small businesses. The relief is available in various forms including loans (PPP and/or EIDL), current SBA Loan (deferment), and tax provisions.

The Small Business Administration (SBA) has released a sample application for the Paycheck Protection Program (PPP). The PPP is one of the most significant features of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Under the PPP, small businesses, nonprofits, sole proprietorships, independent contractors and self-employed individuals are eligible for loans of up to $10 million. A key provision of the PPP is that if the borrower meets certain requirements relating to the retention and payroll of its employees, all or a portion of the loan will be forgiven. You can read about the CARES Act and the SBA loan program in more detail here.