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On March 27th, Congress passed the bipartisan Coronavirus Aid, Relief and Economic Security (CARES) Act which provides more than $376 billion in relief for struggling small businesses, mainly in the form of forgivable payroll loans, disaster grants, and debt relief for current borrowers. Impacted small business owners are advised to visit the Small Business Administration's website for more information on how to apply to the various programs enacted by the legislation, including:
Paycheck Protection Program (PPP) Loans: The program authorizes up to $349 billion in 100 percent guaranteed, low interest, no fee loans of up to $10 million pay their employees and help pay for other expenses like rent, mortgage, and utilities. Loans are forgiven if the borrower has retained the same number of employees as when they received the loan. The SBA’s network of 2,500 7(a) lenders will be used to process these loans to any eligible small and medium sized businesses of up to 500 employees. Non-profits, independent contractors, and the self-employed also qualify. You can find more information on the SBA Paycheck Protection Program HERE.
Economic Injury Disaster Loan (EIDL): Small business owners in all U.S. states, including Texas, 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. You can apply to the EIDL Program HERE.
SBA Existing Debt Relief: $17 billion has been allocated for SBA to cover 6 months of payments for small businesses with existing SBA loans. The SBA will also automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months. Find more information HERE.
If your small business has been impacted, consider applying for a low-interest disaster loan. To locate your local satellite office, click here.
If you are a small business owner and need to navigate the newly passed CARES Act, please read the Small Business Owners Guide to the CARES Act. Please reach out to our office if you have any questions.
Additional Documents & FAQs:
Everything You Need to Know About PPP