(Press Release) – 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.
Most area banks are participating. If you have questions, begin with your local banker.
The U.S. Chamber of Commerce has issued this cheat sheet (attached to this email) to help small businesses and self-employed individuals prepare to file for a loan.
Demand for the program is expected to be high, File today!