Updated: April 29
Understanding the CARES Act
We at the Electric & Hybrid Vehicle Technology Expo understand the federal shutdown of non-essential operations currently in place to combat the spread of COVID-19 has many businesses experiencing economic stress. To support our community and simplify the process of securing financial support, we’ve developed a CARES Act FAQ that breaks down the Paycheck Protection Program (PPP), Economic Injury Disaster Loans (EIDL), and provisions of the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act stimulus that lawmakers approved in March 2020.
The initial $360 billion allocated for small businesses was depleted in a matter of weeks, helping more than 1.6 million businesses remain in operation. On April 23, 2020, the House of Representatives approved a bill to replenish the program with $484 billion—$310 billion of which is apportioned to support small businesses, broken down between two types of loans, PPP, and EIDL.
We are dedicated to supporting our community throughout this challenging time. Please refer to the FAQ for the most up to date information pertaining to COVID-19 and economic relief.
Please note, we do not claim to be experts on the CARES Act; the FAQ was developed to the best of our ability with the resources available. We at the Electric & Hybrid Vehicle Technology Expo strongly urge all businesses and individuals interested in securing a loan as a part of the Paycheck Protection Plan (PPP) to consult our “Resource Center” found at the bottom of the FAQ to fully understand how a loan, if eligible, would impact your unique business.