Sparta Area Chamber of Commerce Newsletter April 2020 | Page 26

26 - The Sparta Ambassador - April 2020
Prepared by the U.S. CHAMBER OF COMMERCE
CORONAVIRUS
EMERGENCY L ANS
Small Business Guide and Checklist
The Coronavirus Aid, Relief, and Economic Security (CARES)
Act allocated $350 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 who maintain their payroll during
this emergency.
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 U.S. Chamber of Commerce has issued
this guide to help small businesses and self-employed
individuals prepare to file for a loan.
Here are the questions you may be asking—
and what you need to know.