Topics: Coronavirus (COVID-19)
The federal government just passed the Coronavirus Aid, Relief and Economic Security (CARES) Act , a sweeping relief package assisting small businesses with loans and grants. The U.S. Chamber of Commerce has compiled information on how the CARES Act will assist small businesses. The CARES Act offers offers a variety of programs and initiatives designed to assist small businesses during these uncertain times, including Paycheck Protection Program (PPP) Loans, Small Business Debt Relief Program, Economic Injury Disaster Loans (EIDL) and Emergency Economic Injury Grants (EEIG), free counseling for small business owners and low-cost training regarding COVID-19. SBA loans are expected to be available the week of April 6. Small businesses that are interested in obtaining an SBA loan should call their bank to find out if they are an SBA lender, or they can click here for a list of the most active SBA 7(a) lenders in the United States. To review a sample application, click here.