The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law by President Trump on March 27, 2020. A provision of the CARES Act allocates approximately $350 billion to help small business in this time of worldwide health and economic crisis.  This initiative, known as the Paycheck Protection Program, provides 100% federally guaranteed loans to small business via SBA loans. Businesses in need are highly encouraged to take advantage of this program to help in this time of business disruption.



  • Eligible for small businesses (includes sole proprietors and self-employed) with less than 500 employees
  • Apply with SBA through approved lenders
  • Traditional strict loan requirements waived
  • Employers must certify to need and intended use of funds
  • Eligible loan amount up to 2.5 times of average monthly payroll
  • Loan interest rate not to exceed 4% with possible debt principal forgiveness
  • Principal forgiveness (possible loan conversion to grant) - principal can be forgiven based on use of funds 8 weeks from date of loan (payroll, rent, utilities and interest on debt)
  • Forgiveness can be reduced if payroll decreases, but rehiring can adjust this
  • Repayment of unforgiven principal can be deferred for 10 years


Click here for the link to U.S. Chamber of Commerce – Coronavirus Emergency Loans/Small Business Guide & Checklist.


On March 27, Inc. hosted a live expert Q&A on what you need to know about the package and its program for small businesses. Click here for a recording of the National Town Hall.



Other Options:

The SBA is also offering the Economic Injury and Disaster Loans (EIDL) and Loan Advance to help small business owners with their working capital needs. An advance of $10,000 will be made available within three days of a successful application. The advance will not have to be repaid. If approved may want to roll into Paycheck Protection Program.


See below for the link to the SBA application and related information: