How to navigate the CARES Act for Small Business
The Coronavirus (COVID-19) continues to have an impact felt by all, from individuals and families, to companies and communities all over the world. We encourage you to keep doing your part in keeping yourself, employees, and customers healthy.
The United States government recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which allocates $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Since navigating this may be challenging, we’ve assembled some resources we believe may be helpful.
Known as the “Paycheck Protection Program”, this initiative aims to provide loans to small businesses, which may be eligible for forgiveness. There are specific requirements that borrowers would need to meet in order to qualify, so we recommend you reach out to your business, financial, tax, accounting, or legal advisors for assistance prior to proceeding.
Additional information is available here:
Here are a few documents to help you navigate successfully:
- Coronavirus Emergency Loans Small Business Guide and Checklist prepared by the US Chamber of Commerce: describes eligibility qualifications and loan amount calculations.
- The Small Business Owner’s Guide to the CARES Act prepared by the US Senate Committee on Small Business and Entrepreneurship: addresses FAQs regarding Paycheck Protection Program Loans and other assistance programs.
- Small Business Aid by State prepared by the US Chamber of Commerce: spells out the potential amount of aid by state.
Though these past weeks have been among the most tumultuous and emotional that any of us have likely experienced, the response to this crisis has been extraordinary. It has allowed us to witness and remember our deep desire to be connected with one another and we value the role we play in helping you keep that engagement.