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 who maintain their payroll during this emergency.
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.
The U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan: Click Here for The Guide
Small Businesses and private non-profits are now eligible for SBA’s Economic Injury Disaster Loans(EIDL). Loans are available for up to $2 million can help provide working capital to meet the needs of payroll, accounts payable and fixed debt payments until the situation improves.
Wisconsin’s SBA office will again offer live daily webinars to walk you through the application process and answer your questions. Through April 10th, all sessions are at 2 pm: REGISTER
[Above information courtesy of Toni Jaeckels, Director of Partnerships & Community Engagement,
Greater Green Bay Convention & Visitors Bureau]