CARES Act | Small Business Relief
On March 27th, President Trump signed into law the Coronavirus Aid, Relief, and Economic Securities Act of 2020 ("the CARES Act"), a stimulus bill that includes loan programs to help small businesses during COVID-19-related business closures.
Payment Protection Program
The CARES Act includes a Paycheck Protection Program (PPP) which authorizes up to $349 billion of federally guaranteed loans to qualifying small businesses. This loan program expands eligibility for Small Business Administration (SBA) loans and provides generous loan forgiveness.
Economic Injury Disaster Loan Program
Following the declaration of a national emergency to combat the Coronavirus (COVID-19) pandemic, the SBA also launched the Economic Injury Disaster Loan Program (EIDL) for small business owners in the United States. These loans can be applied directly through the Small Business Administration.
In addition to the Economic Injury Disaster Loan, the SBA is offering an immediate $10,000 advance ("the Emergency Economic Injury Grant") within three days of applying for an EIDL. The advance does not need to be repaid. To access the advance, you must first apply for an EIDL and then request the advance from the SBA.
For more information on the CARES Act programs, please refer to our information letter.
For information on other relief programs, please refer to the Arkansas Business sponsored Resource Guide for Small Businesses Impacted by COVID-19.