The CARES Act (Coronavirus Aid, Relief, and Economy Security Act) was passed by Congress and signed into law by the President, as you no doubt have read/heard. The CARES Act includes the Paycheck Protection Loan Program
, and other targeted relief for small businesses and individuals affected by the COVID-19 crisis.
The special SBA loan program will be administered through the financial institutions and will provide for 100% loan forgiveness to companies who apply the loan funds to maintain pre-crisis staffing & operational expenditure levels.
We encourage you to complete your SBA loan application
as soon as possible, since the number of application will be high and processed on a first come-first served basis.
The new law also provides enhancements to State administered unemployment programs for affected individuals.
These benefits are extended to 1099 contract labor/contractors as well as traditional employees under the CARES Act.
Here is a link to a one-page summary of the new forgivable SBA loan program, prepared by Jones Walker - NAC's Governmental Affairs Counsel:
For more detailed information about the new federal recovery/stimulus law, click these links to the U.S. House of Representatives’ Small Business Committee and U.S. Chamber of Commerce COVID-19 info pages, and for the full text of the final CARES measure, as enacted:
STATE SPECIFIC FINANCIAL RELIEF & OPERATING CONDITIONS
[INCLUDING INFORMATION ON APPLYING FOR FEDERAL LOANS W/ LOCAL SBA OFFICES]
Many states are providing information to assist businesses in applying for federal relief, and to implement additional available State relief for small businesses affected by the ongoing pandemic. For your ready reference, NAC has assembled all of the most important information and links on a state-by-state basis in the listing below.