06 Apr Coronavirus Emergency Loans Available for Small Businesses and Non-Profit Organizations
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses, including non-profit organizations, 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.
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. In the meantime, the U.S. Chamber of Commerce has issued this guide to help small businesses, non-profit organizations and self-employed individuals prepare to file for a loan.
The enclosed guide and checklist includes more details on:
- Business Eligibility
- Requirements
- Borrowing Limits
- Forgiveness Options
Access This Guide & Checklist Here
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