The U.S. Chamber of Commerce has published concise and helpful resources to help small businesses navigate the details of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Under the Paycheck Protection Program initiative of this law, $350 billion have been allocated to help businesses stay afloat, and particularly to help businesses sustain employment. As we mentioned in last week’s overview of the CAREs Act and its intended impact, these loans come with forgiveness terms for businesses that maintain or restore payroll.
There are still details in the works (importantly, a list of lenders!), but here is a clear outline of information to help businesses prepare to file for this loan.
Specifically, this resource addresses the following questions:
- Am I ELIGIBLE?
- What will lenders be LOOKING FOR?
- How much can I BORROW?
- Will this loan be FORGIVEN?
The Chamber has also created an interactive map with state-by-state details of the Paycheck Protection Program and CAREs Act aid. Clicking on a state of interest on the map generates an image like the one shown above.
We will post more information about utilizing relief resources as it becomes available.