The largest economic relief package in U.S. history was passed at the end of March and provides multiple resources for economic support for U.S. Businesses. Read below and click the links to the Small Business Administration (SBA) website for more details.
CONGRESS APPROVED AN ADDITIONAL $310 BILLION FOR THE PAYCHECK PROTECTION PROGRAM
THE LOANS NOW AVAILABLE THROUGH THE CARES ACT ARE FORGIVABLE, BUT BUSINESS OWNERS MUST TAKE ACTION AS QUICKLY AS POSSIBLE IN ORDER TO RECEIVE THE BENEFITS AS THE FUNDS WILL LIKELY RUN OUT IN THE COMING WEEKS.
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SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. (SBA PPP)
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The Small Business Association (SBA) will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), 501(c)(3) non-profit organizations, 501(c)(19) veterans organizations, or Tribal businesses (see sec. 31(b)(2)(C) of the Small Business Act) affected by coronavirus/COVID-19.
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. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available as soon as possible following a successful application. This loan advance will not have to be repaid. *If you applied for the Economic Injury Disaster Loan program BEFORE March 30, you are asked to reapply due to changes resulting from the passage of the CARES act.*