The Coronavirus Aid, Relief, and Economic Security (CARES) Act has allocated $350 billion to help small businesses keep workers employed amid the current COVID-19 crisis and economic downturn. This initiative, known as the Paycheck Protection Program, provides 100% federally guaranteed loans to small businesses who qualify. More importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payroll after the crisis is over.
The U.S. Chamber of Commerce has issued a guide to help small businesses and self-employed individuals prepare to file for a loan. We encourage all business clients who have been impacted by the COVID-19 crisis to call your business banker with any questions or click the link below for more important information.