CARES Act
Here's what you need to know about the COVID-19 Relief & Stimulus Programs
There are several programs for your business within the CARES Act and Small Business Administration and a variety of other options through the IRS. Below are some highlights from a selection of these programs.
FREE CARES Act Quick Reference Guide
Download our CARES Act Quick Reference Guide to get a clear understanding of the financial support available to your business and get started on your applications right away!
"PPP" LOANS
Paycheck Protection Program
Paycheck Protection Program loans are designed to provide cash-flow assistance by offering 100% federally guaranteed loans to employers who maintain their payroll during the COVID-19 Pandemic.
If employers maintain their payroll, the loans WILL BE FORGIVEN. The program is designed help workers remain employed and help affected small businesses and our economy snap-back quicker after the crisis.
PPP has a host of attractive features, such as forgiveness of up to 8 weeks of payroll based on employee retention and salary levels, no SBA fees, and at least six months of deferral with maximum deferrals of up to a year.
Small businesses and other eligible entities will be able to apply if they were harmed by COVID-19 between February 15, 2020 and June 30, 2020. This program would be retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls.
This is a special program and loans are currently only available through June 30, 2020.
PPP Application Tool Instructions
EIDL LOANS
Economic Injury Disaster Loan
Economic Injury Disaster Loans include a grant component that provides an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19.
To access the advance, you first need to apply for an EIDL and then request the advance within three days of applying for an SBA Economic Injury Disaster Loan (EIDL).
The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.
EIDL Loan/Grant Application Walk-Through
SBA Payments
Small Business Debt Relief Program
Small Business Debt Relief Program provides small businesses with help making payments for non-disaster SBA loans, in particular 7(a), 504, and microloans.
Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months.
This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law.