Protection For American Workers
The CARES Act –Coronavirus legislation recently passed by Congress – established immediate relief for our small businesses in crisis with a $349 billion Paycheck Protection Program. This protects millions of Americans employed by small businesses by authorizing funds for job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards. Please see below for important links.
- For a top-line overview of the program CLICK 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
The new loan program will help small businesses with their payroll and other business operating expenses, and the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest. The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.
If you have questions, please visit the Small Business Administration website.