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Posted on: April 14, 2020

The CARES Act Provides Assistance to Small Businesses

Keep Calm

 The treasury department has direct assistance available. The Paycheck Protection Program established by the CARES Act, is implemented by the Small Business Administration with support from the Department of the Treasury. This program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required.

Visit https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses for more information.

Other Resources: 

Small Business Administration (SBA): www.Sba.gov

Texas Workforce Commission (TWC) : www.TWC.texas.gov

US Department of Agricultural (USDA): https://www.rd.usda.gov/sites/default/files/USDA_COVID-19_Fed_Rural_Resource_Guide.pdf

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