The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $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.
DOWNLOAD this useful tool from the U.S. Chamber of Commerce entitled, “Coronavirus Emergency Loans: Small Business Guide and Checklist” that explains which companies are eligible for these new loans, what lenders will be looking for from your organization, how much you can borrow, how to have the loan forgiven etc.
