Help for Small Businesses
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 who 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. The administration will soon release more details including the list of lenders offering loans under the program.
The administration will soon release more details including the list of lenders offering loans under the program, and please visit the SBA’s website for more information.