The new Coronavirus Aid, Relief, and Economic Security (CARES) Act has appropriated $377B in funds for small businesses. To help you decide what's best for your business, we've broken down the two options for financial relief, both administered through the U.S. Small Business Administration (SBA).
Highlights from the CARES Act
$300B in relief for you and your customers is coming
American singles making $99k or less, or households making $198k or less, should see funds in as soon as 3 weeks.
Businesses are getting a tax break
Business and income taxes will be deferred, and if you've fixed up your store over the last 2 years, it should be easier to write off that expense.
Plus, additional support for our communities
There will be vastly expanded unemployment benefits, support for our healthcare system, and more.
Decide which option is best for you
The overall package is pending guidance from the Small Business Administration (SBA), but there are steps to take now. If you apply for loans from different sources, rules or limitations may apply. While your circumstances may affect your options, we hope this informational resource helps, and encourage you to also seek personalized advice from qualified professionals.
Get a $10,000 grant in 3 days or less
The Economic Injury Disaster Loan (EIDL) is an emergency program offering small business loans up to $2M. It also includes a grant for eligible businesses to receive a cash advance of up to $10,000 that you're not required to repay.
Get 8 weeks of operating expenses back
The Paycheck Protection Loan (PPL) program offers approved business owners 100% federally guaranteed loans up to $10M and forgives up to the amount spent on operating expenses during the first 8 weeks of the loan. The amount of money from the loan you spend to cover payroll, rent, utilities, or mortgage payments and associated interest can be forgiven. Any other payments can be deferred by 6-12 months.
Business Resources by State
See a list of state, local and private resources available to small businesses. This list will be continuously updated as new programs and information become available. VIEW RESOURCES
SBA Loan Guidance and Resources
Updated guidance and resources from the Small Business Administration (SBA). LEARN MORE
Direct links to SBA online loan application
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