The Small Business Owner’s Guide to the CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes programs that will provide assistance to employers and business owners. This detailed guide contains information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA), as well as some additional tax provisions.
Small Business Paycheck Protection Program
The CARES Act includes $350 billion to help small businesses keep workers employed through economic downturn caused by the pandemic. The Paycheck Protection Program is an initiative that provides 100% federally guaranteed loans to small businesses. Of note: these loans may be forgiven if borrowers maintain their payrolls throughout the crisis or restore their payrolls afterward. Locally, we have one Preferred Small Business Loan lender in our area: First Southwest Bank