On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The CARES Act provides much needed stimulus to individuals, businesses and hospitals in response to the economic distress caused by COVID-19. 

A portion of the relief provided under the 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. 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.

Click here for a copy of the guide. This information is subject to change as this program is implemented.

Cutler Law Firm, LLP is a full-service law firm based in downtown Sioux Falls, South Dakota.