The programs and initiatives in the Coronavirus Aid, Relief,
and Economic Security (CARES) Act that was just passed
by Congress are intended to assist business owners with
whatever needs they have right now. When implemented,
there will be many new resources available for small
businesses, as well as certain nonprofits and other employers.
This guide provides information about the major programs and
initiatives that will soon be available from the Small Business
Administration (SBA) to address these needs, as well as some
additional tax provisions that are outside the scope of SBA.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act
allocated $350 billion to help small businesses keep workers
employed amid the pandemic and economic downturn. Known as
the Paycheck Protection Program (PPP), the initiative provides 100%
federally guaranteed loans to small businesses.
Importantly, these PPP loans may be forgiven if borrowers maintain
their payrolls during the crisis or restore their payrolls afterward.
The administration has released initial guidelines; they are available
at www.treasury.gov. The U.S. Chamber of Commerce has issued
this guide to help small businesses and self-employed individuals
check eligibility and prepare to file for a loan.