CARES Act for SMB

Coronavirus Aid, Relief, and Economic Security Act ‘‘CARES Act” for SMBs

Small to Medium Business (defined as under 500 employees)*:

Paycheck Protection Loans: Forgivable loans up to 2.25x Average monthly payroll costs during 12 months prior to the loan.
  • 75% of the loan must be utilized for payroll. Balance for rent and utilities and interest on mortgages/debts.
  • Forgiveness based on maintaining or quickly rehiring employees and maintaining salary levels.
  • If employee count drops, the amount forgivable drops by same %.
  • All small businesses are eligible.
  • Applications can begin April 3rd at any SBA approved lender.
  • Applications are also available available at: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf
Economic Injury Disaster Loan (EIDL) & Economic Injury Grants:
  • Loan up to $2M repayable over 30 years at 3.75% interest rate.
  • In addition to loan - access to grants up to $10k to assist with OpEx will be paid within 3 days of applying for EIDL.
  • Apply at https://covid19relief.sba.gov/#/
SBA Express Bridge Loans – Up to $25k:
6 Month Principal and Interest Loan Relief for existing SBA loans through an approved SBA lender.