The United States and Canada Both Pass Legislation to Help SMBs During Pandemic

Mar 30, 2020

The United States and Canada Both Pass Legislation to Help SMBs During Pandemic

BY Chris Brunau

MSP Best Practices

The United States and Canada have both passed new legislation aimed to assist businesses through the current pandemic.

These two pieces of legislation will hopefully provide a direct boost to the MSP community as well as to the SMBs they serve.

The United States Cares Act will offer $350 billion in the form of loans for small businesses impacted by the pandemic, direct financial assistance to Americans, extended unemployment insurance, and more.

The Canadian government announced help for SMBs to keep their staff employed including a 75 percent wage subsidy and interest-free loans. The Canadian government will also guarantee bank loans of up to $40,000 CAD for small businesses which will be interest-free for the first year.

As always, Datto has our partners top of mind and we’ll be there every step of the way as we navigate through this global crisis together.

Webinar Recording: New Small Business Administration (SBA) Loan Incentive Programs

Check out our recent webinar where we reviewed the new CARES Act – the most significant benefits package to date for relief. The new law will deliver over $2 trillion in economic stimulus aimed at providing relief for individuals and businesses most seriously harmed by this pandemic.

There are several beneficial provisions available, but in this webinar, we will specifically inform you of two key provisions surrounding loan programs available for small businesses – the Paycheck Protection Program and Economic Injury Disaster Loans.

While both programs are administered by the Small Business Administration (SBA), there are important eligibility, loan amount, and debt forgiveness features and differences between the two that applicants must consider.

Watch the recording today

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