Navigating all the different options for your business can be daunting. This page has information and links to loans and programs passed by the Federal Government in the CARES Act.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
To apply for PPP go to your local lender of choice. Applications will go through a bank or credit union. This money is first come first serve so we encourge you to apply quickly.
Here is list of Local Lenders Providing PPP loans for businesses:
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.
The President signed the CARES Act, a $2.2 trillion aid program to provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic. This quick guide is a good over view of what is contained in the act, as well as the organizations to contact for additional information.
From the information we are learning about this act is that many of these loan programs may be forgiven if the money is used for the intended purpose. Please review carefully.
The CARES act has programs for: