COVID-19 is presenting unprecedented challenges for businesses around the world.
The U.S. Treasury has made a number of new programs available to help small businesses dealing with the financial stress of the Coronavirus pandemic through the recently passed U.S. CARES Act. One program in particular is the Paycheck Protection Program (PPP), which is available to most small businesses in the U.S., subject to certain conditions. Below is a link to the Small Business Administration (SBA) page explaining the PPP, including eligibility requirements, amount available, loan forgiveness conditions, how and where to apply (virtually any bank or credit union), and a link to the application.
Small businesses that are interested should immediately contact their banks to start the process.
The PPP is one of several COVID-19 relief programs available from the SBA. Others include Express Bridge Loans, debt relief for existing loans, and emergency advances on Economic Injury Disaster Loans. More information about these programs can be found at the link immediately below. Your state may also offer relief programs, and we encourage you to search your state government websites for these.
This article is provided for information only. We are not legal or financial advisors, but we wanted to alert our industry to this relief. We very much look forward to a time when we have moved past this current situation and our businesses are stronger than ever.
For more resources on handling the Coronavirus pandemic visit our COVID-19 UPDATES AND RESOURCES PAGE.