Federal CARES (Coronavirus Aid Relief & Economic Security) Act (Stimulus Package Phase 3)
As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress has approved $350 billion in emergency loans for small businesses to help them keep workers employed. In fact, if small businesses maintain or later restore their payrolls, they may not have to repay some — or possibly any — of the loan.
This $350 billion program is the "Paycheck Protection Program" portion of CARES. Here’s a guide and checklist from the U.S. Chamber of Commerce(External link) to help your small business be prepared to apply when funding becomes available on Friday, April 3.
- Paycheck Protection Program Application(External link)
- Note: this application must be submitted to an SBA lender; a list of SBA lenders in our region can be found here(External link).