Prepared by the U.S. CHAMBER OF COMMERCE CORONAVIRUS
Small Business Guide and Checklist
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. In the meantime, the U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan.
Some questions you may be asking:
Am I ELIGIBLE?
What will lenders be LOOKING FOR?
How much can I BORROW?
Will this loan be FORGIVEN?
We've got the answers and what you need to know here.
Download the answers to the questions above.