The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides assistance to businesses that
may not usually meet the small business thresholds. You might benefit depending on your industry, legal
requirements, and financial and other contractual commitments. The CARES Act includes two different
loan programs: the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL)
Program. Given the favorable terms of these two SBA loan programs and the potential for loan forgiveness under PPP loans, eligible small businesses who have been economically impacted by the COVID-19 pandemic should strongly consider taking advantage of these loan programs. Applications for EIDL loans should be submitted directly to the SBA, while PPP loans will be available from SBA-approved lenders.
click here for an easy to follow breakdown of what loans might work for you.
To apply for the PPP here is a quick guide from the U.S. Treasury.
If you have received a loan under the PPP created by the CARES Act, loans may be forgiven if borrowers use the proceeds to maintain their payrolls and pay other specified expenses. The Treasury Department and Small Business Administration recently released the application form and instructions for loan forgiveness. The forgiveness forms, instructions, and worksheets can be downloaded here.