The COVID-19 pandemic has wreaked havoc on the world’s economy. A recent study from the University of Southern California found the U.S. real gross domestic product losses could range from a low of $3.2 trillion to as high as $4.8 trillion over two years. The study also found that job losses could range from 14.7 percent to 23.8 percent and could affect 36.5 million U.S. workers. The U.S. government has helped businesses in need via the Coronavirus Aid, Relief and Economic Security (CARES) Act, which was signed into law on March 27, 2020.
The United States government’s Small Business Administration (SBA) provided businesses with two types of relief due to the COVID-19 pandemic via the CARES Act.