The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was previously passed by Congress are intended to assist business owners with whatever needs they have right now. These are new resources available for small businesses, as well as certain non-profits and other employers.
The Small Business Owner’s Guide to the CARES Act – Frequently Asked Questions and Guidelines
SMALL BUSINESS PAYCHECK PROTECTION PROGRAM
The Paycheck Protection Program established by the CARES Act, is implemented by the Small Business Administration with support from the Department of the Treasury. This program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
- U.S. Chamber Top Line Summary of New Cares Act Funding
- U.S. Chamber Praises Additional $310 Billion in Funding to Help Small Businesses Stay Afloat (4/24/2020)
Top-line Overview of PPP (3/31/2020)
- SBA Paycheck Protection Program Loan Report (4/16/2020)
- UPDATED 6/2020 – Guide to Small Business Emergency Loans – US Chamber of Commerce
- More information (3/31/2020)
- Search Tool: Find an Eligible Lender
- Borrower Application Form (4/2/20)
- Applicable Affiliation Rules
- More information (3/31/2020)
- Lender Application Form (4/2/2020)
- Lender Application Form for Federally Insured Depository Institutions, Federally Insured Credit Unions, and Farm Credit System Institutions (4/3/2020)
- Lender Application Form for Non-Bank and Non-Insured Depository Institution Lenders (4/8/2020)
- Frequently Asked Questions (4/24/2020)
- Interim Final Rule 1 (4/2/2020)
- Interim Final Rule on Applicable Affiliation Rules (4/3/2020)
- Interim Final Rule on Additional Eligibility Criteria and Requirements for Certain Pledges of Loans (4/14/2020)
- Interim Final Rule on Requirements for Promissory Notes, Authorizations, Affiliation, and Eligibility (4/24/2020)
ECONOMIC INJURY DISASTER LOANS
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 following a successful application. This loan advance will not have to be repaid.
The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic.
This program is for any small business with fewer than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.
Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
The Economic Injury Disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid.