If you are a small business that has been hurt by the coronavirus pandemic, you may be eligible for multiple assistance programs
CARES Act and Paycheck Protection Program
On Friday, March 27, 2020, President Trump signed into law the CARES Act, which provides $350 billion in funding to help small businesses who’ve been impacted by the coronavirus pandemic. Their goal of this program is to keep small businesses running and maintaining their employees. The key provision of this law is called, “The Paycheck Protection Program” and provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency.
Most significantly, these loans may be forgiven if small businesses maintain their payrolls during the crisis or re-hire employees soon after. We know there are at a lot of questions for how to apply for these relief programs.
We encourage you to use our service to help apply for the CARES Act. Let our professional guides walk with you through the process of gathering the necessary documentation and submitting your application to proper channels.
Are You Eligible For The CARES Act and Paycheck Protection Program?
We know there are a lot of questions. Here are some qualifications and requirements in order to be eligible.
You ARE eligible if any of the following are true
- You’re a small business with less than 500 employees (or a small business that otherwise meets SBA’s size standard)
- You’re a 501(c)(3) with fewer than 500 employees
- You’re an individual who operates as a sole proprietor, independent contractor, or is self-employed who carries on any trade or business.
- You’re a Tribal business concern that meets the SBA size standard
- You’re a 501(c)(19) Veterans Organization that meets the SBA size standard
Additional special rules for certain types of businesses also make you eligible.
- If you are in the accommodation and food service sector (NAICS 72), the 500-employee rule is applied on a per physical location basis.
- If you are operating as a franchise or receive financial assistance from an approved Small Business Investment Company, the normal affiliation rules do not apply.
** Important: The 500 employee threshold includes all employees regardless of full-time, part-time, and any other status.
Current Coronavirus Government Programs
Small Business Administration Programs
Small business owners in the following designated states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19): Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Illinois, Indiana, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Utah, Virginia, Washington, Wisconsin, and West Virginia, Alabama, Alaska, American Samoa, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Guam, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Northern Mariana Islands, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, U.S. Virgin Islands, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.