U.S. Secretary of Commerce Wilbur Ross announced that the Economic Development Administration (EDA) is now accepting applications for our $1.5 billion CARES Act Recovery Assistance funding opportunities.
U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is now accepting applications from eligible grantees for Coronavirus Aid, Relief, and Economic Security Act (CARES Act) supplemental funds (EDA CARES Act Recovery Assistance) intended to help communities prevent, prepare for, and respond to coronavirus.
Summary of the CARES Act
The Senate has passed a roughly $2 trillion coronavirus response bill intended to speed relief across the American economy. Seven main groups will have the biggest impacts: individuals, small businesses, big corporations, hospitals and public health, federal safety net, state and local governments, and education.
The CARES Act provides stimulus in the form of emergency relief, but also some support to individuals and small businesses. Direct payments to most American households that are under ninety nine thousand dollars a year in income and expanded unemployment benefits. Federally guaranteed loans to small businesses government lending programs and then aid to hospitals on the front line though the epidemic and some emergency assistance programs to both seniors and children.