The federal stimulus package, known as the Coronavirus Aid, Relief and Economic Security (CARES) Act is a $2.2 trillion package to provide additional help for businesses, workers, and the health care system available. 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 that maintain their payroll during this emergency. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
Small Business Association Paycheck Protection Loan
The Small Business Association (SBA) forgivable Paycheck Protection Loan is now open through June 30, 2020. It’s on a first-come-first-served basis.
Find the lender nearest you: Type in your zip code, a list of approved PPP lenders in your area will open.
The bill offers the following aid for small businesses with fewer than 500 employees, 501(c)3s, sole proprietors, and independent contractors,