Business Health Trust’s core value is to be a resource to employers, and that’s especially important now as we navigate the impacts of COVID-19 on our small-business community.
We’d like to share new information related to our previous post on the Small Business Administration’s Economic Injury Disaster Loan program.
Last week, the U.S. Congress passed and President Trump signed into law the CARES Act (the Coronavirus Aid, Relief, and Economic Security Act). As a part of the new legislation, the Small Business Administration (SBA) has created a nearly $350 billion loan program called the Paycheck Protection Program. This program is available to businesses with 500 or fewer employees to help with payroll, rent, utilities, healthcare costs and more. The SBA has also expanded a number of their existing programs, including the Economic Injury Disaster Loan program.
The federal government is currently finalizing the details and protocols about how and when different programs and relief will be implemented, and how financial institutions will help facilitate the execution of these programs.
Find out if your small business is eligible and what other questions you need to know before you apply in the CARES Act Q-and-A.
Additional preparation tips include this list of documents your bank may request when you apply for the loan.
CARES Act Unemployment Insurance Benefits
Please be aware that the CARES act also includes two separate unemployment provisions, one which applies to individuals already eligible for unemployment compensation under state law, and another that creates a temporary, federally funded “Pandemic Unemployment Assistance” program, which provides benefits to individuals who would otherwise be ineligible for benefits under state or federal law.
For more information, please see the Summary of CARES Act Unemployment Insurance Benefits.