The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated just shy of $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 designed to help small businesses keep employees on the payroll.
Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
The loans will be offered through banks and credit unions beginning April 3.
The U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan.
Other guides released include:
Additionally, the U.S. Department of Treasury issued more guidance regarding the Paycheck Protection Program. Links to the resources provided by Treasury can be found below, 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.
* All information up to date as of 04/02/20. Please check back for updates.