The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $377 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.
The administration soon will release more details including the list of lenders offering loans under the program.
In the meantime, the US Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan.
Here are all the questions you may be asking— and what you need to know.
For download the PDF’s 4 Pages document, click here