Options for Your Small Business Facing Money Issues During Coronavirus
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. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
Let’s talk about the available loan options.
Paycheck Protection Program
A great option for:
- businesses with fewer than 500 employees
- sole proprietorship, independent contractor and eligible self-employed individuals.