Businesses have been greatly impacted by the COVID-19 pandemic. To assist business owners, the Coronavirus Aid, Relief, and Economic Security (CARES) Act has just been passed by Congress. When the act goes into effect, several programs and initiatives will be available for small businesses, as well as certain non-profits and other employers.
Programs include paycheck protection loans, small business debt relief, economic injury disaster loans, emergency economic injury grants, small business counseling, small business contracting, and small business tax provisions.
For the status of each of these programs, please stay in contact with your local Small Business Administration (SBA) District Office.
If you're not sure where to start, the following questions might help point you in the right direction.
Do you need:
- Capital to cover the cost of retaining employees? Then the Paycheck Protection Program might be right for you.
- A quick infusion of a smaller amount of cash to cover you right now? You might want to look into an Emergency Economic Injury Grant.
- To ease your fears about keeping up with payments on your current or potential SBA loan? The Small Business Debt Relief Program could help.
- Just some quality, free counseling to help you navigate this uncertain economic time? The resource partners might be your best bet.