CARES ACT RELIEF

 
In response to COVID-19, Congress recently passed the CARES Act, providing companies with relief through loans and tax benefits. For those interested, you can request an immediate advance of $10,000 for a federal Economic Injury Disaster Loan here. Learn more below about the relief available under the CARES Act.1

Economic Injury Disaster Loan (EIDL)

• Covers expenses like payroll, fixed debts, employee sick pay, accounts payable, and other costs.
• Available for up to $2 million, but you can also apply for an immediate advance of $10,000 for certain expenses — and you won’t be required to pay it back if your loan application is later denied.
• Up to 30 years with an annual interest rate of 3.75%.
• For small businesses with under 500 employees.
• Apply here.

---

Paycheck Protection Program Loan (PPP)

• Forgivable for eight weeks of payroll, rent, mortgage interest, or utilities expenses if you keep all employees on payroll.
• Available for up to 2.5 times your average monthly payroll costs, up to $10 million.
• Used to cover payroll, health insurance, medical or family leave, insurance premiums, debt interest, mortgage obligations, rent, and utilities.
• For small businesses with under 500 employees (or certain businesses, including restaurants in some cases, with more than 500 employees)
• Up to 10 years with an annual interest rate of 4%;
• Loans are available from private lenders, and are now accepting applications. Contact your bank or an approved SBA lender to apply. Also here is the application.