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CARES Act and Paycheck Protection Program

CARES Act and Paycheck Protection Program

H.R. 748 the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed into law on March 27, 2020.

The full text of the bill can be found here CARES Act

The U.S. Senate Committee on Small Business & Entrepreneurship has put out the Small Business Owner's Guide to the CARES Act.

The U.S. Chamber of Commerce created an excellent handout CORONAVIRUS EMERGENCY LOANS Small Business Guide and Checklist

Division A of the legislation includes the Keeping Workers Paid and Employed Act. This portion creates the Paycheck Protection Program. There is a one-page summary of the Keeping American Workers Paid and Employed Act available here

The Keeping Workers Paid and Employed Act would prevent workers from losing their jobs and small businesses from going under due to economic losses caused by the coronavirus pandemic. The plan would provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers to remain employed and affected small businesses and our economy to quickly snap-back after the crisis. This proposal would be retroactive to March 1, 2020, to help bring workers who may have already been laid off back onto payrolls.

3/27/2020 - In an exclusive Town Hall with Inc., U.S. Chamber of Commerce executive vice president and chief policy officer Neil Bradley explained the resources that will soon be available to business owners in the economic stimulus package. Watch/listen to the interview here Small Businesses Could Land SBA Loans in as Soon as 2 Weeks. Here's Who's Eligible

To keep up to date on when these programs become available, please stay in contact with your local Small Business Administration (SBA) District Office, which you can locate here. They will have staff and resources available to help answer your questions and guide you through application processes.

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