The Coronavirus Aid, Relief, and Economic Security or the CARES Act was signed on March 27th, 2020. One of the largest section is the Paycheck Protection Program which sers aside $350 billion for small businesses to continue keeping workers employed. The Paycheck Protection Program will provide 100% federally guaranteed loans. These loans can be forgiven if small businesses keep their payrolls or reinstate them afterwards. The U.S. Chamber of Commerce has issued guidelines to help small businesses or self-employed individuals prepare for filling a loan.
With the addition of some special rules, you may also be eligible if you are in the accommodation and food services sector (NAICS 72) or you are operating as a franchise or receive financial assistance from an approved Small Business Investment Company.
Small businesses with fewer than 500 employees, or that otherwise meet the SBA’s standard
An individual who operates as a sole proprietor, who is self-employed, or who regularly carries any trade or business
A 501 (c) (3) with fewer than 500 employees
An individual who operates as an independent contractor
A Tribal business concern that meets the SBA size standard
A 501 (c) (19) Veterans Organization that meets the SBA size standard
We have gathered important resources to help you get started on your SBA loan today.