CARES Act Grant Programs: Searching for Opportunity in the Coronavirus Relief Effort
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act” or “the Act”) is a $2.2 trillion legislative package designed to stabilize the United States’ economy as the country deals with the novel coronavirus COVID-19. Included in the Act are a wealth of grant programs that may hold opportunities for companies able to position themselves appropriately during this crisis.
Of particular interest are grant programs related to healthcare, technology, and workforce sustainment, which include:
1. Entrepreneurial development grants
Section 1103 of the CARES Act provides a $240 million grant fund for development of programs to provide education, training, and advising to covered small business concerns. Training topics include:
- How to apply for Small Business Administration (“SBA”) resources, including business resiliency programs;
- COVID-19 transmission prevention practices; and
- How to manage and practice teleworking.
- An additional $25 million grant is available for development of a centralized information hub where these educational materials may be accessed.
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