Washington, April 24, 2020. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) has introduced a wide range of instruments to mitigate the negative effects of Covid-19. Such tools range from loans and grants for businesses to measures in support of personal income, from the expansion of the social safety net to increased health care spending.
In this context, today President Trump approved a second trancheof financial assistance amounting to $321 billion destined to SMEs employing less than 500 people. It aims at avoiding layoffs and closures, as well as supporting companies in the most acute months of the emergency.
Attention is drawn to the fact that the Small Business Administration (SBA) has informed that also “foreign-owned businesses” are free to access the program, which is designed to protect US workers regardless of the company’s controlling shareholders nationality andwhether or not they reside permanently.
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