The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated almost $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.
Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. The U.S. Chamber of Commerce has issued this cheat sheet to help small businesses and self-employed individuals prepare to file for a loan.
The U.S. Chamber has developed to assist businesses access resources created under the CARES Act (Phase III bill). This includes an update on the Paycheck Protection Program.
- NEW – Guide to SBA’s Economic Injury Disaster Loans (EIDL)
- NEW – Guide to the Employee Retention Tax Credit
- UPDATED – Coronavirus Emergency Loans Small Business Guide and Checklist (Paycheck Protection Program)
Additionally, the U.S. Department of Treasury issued additional guidance yesterday regarding the Paycheck Protection Program. Links to the resources provided by Treasury can be found, or on their webpage.
- A top-line overview of the program can be found here.
- If you’re a lender, more information can be found here.
- If you’re a borrower, more information can be found here.
The application for borrowers can be found here.