Recently signed stimulus bill by President Trump ,The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides relief for individual Americans, healthcare workers, small business and certain industries hit by the pandemic.
Link to Small Business Association Resources and Links to Applications for Assistance or look below where we outlined the two individual loan/grant programs for your ease.
To apply for a COVID-19 Economic Injury Disaster Loan
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
YOU MUST APPLY FOR THIS THROUGH YOUR BANK OR LOCAL SBA OFFICE
The Paycheck Protection Program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses.
If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan is forgivable.
The CARES Act allocated billions to help small businesses economically during this economic downturn providing federal guaranteed loans and programs providing financial assistance to businesses.
Click on the link below to access the US Chamber of Commerce Small Business Guide and Checklist to help you though the process. Please call our office if you have questions.
For business taxpayers, the CARES Act -
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