Posted on March 31 2020
Coronavirus Emergency Loans — Link to Official Information
EMERGENCY UPDATE — Tuesday, March 31 —
From the introduction to the guide:
“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, the initiative provides 100% federally guaranteed loans to small businesses.
Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
The administration soon will release more details including the list of lenders offering loans under the program. In the meantime, the U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan.”
The guide answers these pertinent questions:
• Am I ELIGIBLE?
• What will lenders be LOOKING FOR?
• How much can I BORROW?
• Will this loan be FORGIVEN?
• What’s next?
Download a PDF copy of the guide by clicking the ‘Download File’ button above.