The US Chamber of Commerce has put together a great resource for you to use when trying to decipher the Coronavirus Aid, Relief and Economic Security (CARES) Act.
This Act allocates $350 BILLION to help small businesses keep workers employed amid the pandemic and economic downturn. It is referred to as the Paycheck Protection Program which provides 100% federally guaranteed loans to small businesses.
It is key to note that the loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterwards. More details will be released soon, including the list of lenders offering loans under the program. This guide by the US Chamber of Commerce is intended to provide a clear understanding of the program as it stands so that small businesses can begin preparing to file for a loan.
You can visit the U.S. Chamber of Commerce website to learn more. Or download the small business loan PDF here.
