Small businesses are likely the most-impacted sector of business by COVID-19. Not only has the CARES Act offered help to individuals, it has several features to help small business with 500 employees or less. Here are the main ways the CARES Act can help your small business.
{AUDIO} The CARES Act Help for Small Businesses
Cash Advances on Economic Injury Disaster Loans: Businesses with fewer than 500 employees can request an advance of up to $10,000.
Reduced Requirements for SBA Loans: The CARES Act removed many of the previous requirements needed for such loans.
Payment Protection Program: The CARES Act's Payment Protection Program allows SBA approved lenders to provide forgivable loans up to $10 million.
If you need help navigating these changes and your small business, please, give us a call at 320.222.4236 or email me directly at [email protected].