CARES Act Stimulus Package: What it Means for Life Sciences in Colorado
By: Colorado BioScience Association Date: 03/27/2020
This afternoon, President Trump signed into law S. 3548, the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The $2 trillion relief package is the largest economic stimulus measure in modern history and aims to deliver urgent financial relief and support to individuals, families, businesses, and our nation’s health care system.
Highlights of the CARES Act
The act offers:
- Assistance and support for small businesses
- New resources to help state, local, and tribal governments as they combat the pandemic
- Support for hospitals and healthcare workers on the front lines
- Funding to purchase personal protective equipment and essential medical equipment
- Support for scientists and innovators researching and developing tests, treatments, and vaccines
Small Business Assistance
The law has several provisions that provide assistance and support for small businesses, including:
- $350 billion for loan forgiveness grants to small businesses and non-profits to maintain existing workforce and help pay for other expenses like rent, mortgage and utilities.
- $10 billion to expand the Small Business Administration’s Economic Injury Disaster Loan program and provide emergency grants of up to $10,000 for immediate relief
- $17 billion for the Small Business Administration to cover six months of payments for small businesses with existing loans
To learn more about the small business loan provisions in the CARES Act, please see our detailed summary.
For information and guidance on available SBA loans, please visit the SBA Resource Center or the Colorado Small Business Development Center (SBDC) Network Resource Center.
As soon as the process for applying for these loans is released by the federal government, we will make that information available.
Life Sciences Innovation
The CARES Act also appropriates new funding to support and expand the research, development, and manufacturing of vaccines, therapeutics, and diagnostics to combat COVID-19, including:
- An additional $3.5 billion for the Biomedical Advanced Research and Development Authority (BARDA), which is working with private sector partners to identify promising countermeasures and technologies to combat the virus. Learn more here.
An earlier supplemental appropriations package also provided funding to support the research and development of medical countermeasures to address COVID-19, including an initial $2 billion for BARDA and $836 million for the National Institute of Allergy and Infectious Diseases (NIAID) at NIH.
More information about the appropriated funds included in the CARES Act can be found here.
CBSA is engaging with our federal, state, and local elected officials about the needs of our ecosystem and how our community can support the COVID-19 response. We will continue to provide additional updates on legislative efforts and share relevant resources to support our members during this challenging time.
If you have any questions or would like more information about how CBSA can assist you or your company, please email firstname.lastname@example.org.
Visit CBSA’s COVID-19 Business Resource Center.