Last week, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act, which 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 that maintain their payroll during this emergency. Furthermore, these loans may be forgiven if borrowers maintain their payroll during the crisis.
“President Trump acted swiftly and in a bipartisan manner to support our nation’s 30 million small businesses, which employ nearly half of the nation’s workforce," said SBA Administrator Jovita Carranza. "Under the CARES Act, the president took historic action, making available hundreds of billions of dollars in an expedited manner to provide immediate financial relief for small business owners across the country.
“Our small businesses are the economic engines of their communities, and the SBA is ready to provide them with the support they need to remain open and keep their workers employed," she continued. "With our whole-of-government approach led by the President, we are providing small businesses with the resources they need to get them through this unprecedented time.”
The U.S. Chamber of Commerce has created a guide to help small businesses, independent contractors and gig economy workers prepare to file for a coronavirus relief loan under the CARES Act.
The U.S. Chamber’s Coronavirus Small Business Guide outlines the steps small businesses should take now and prepare to access much-needed funds to help keep their workers on the payroll during this disruptive period. Further guides will be developed as the CARES Act becomes implemented.
“The U.S. Chamber of Commerce is working with state and local chambers across the country to provide businesses with the information they need to stay afloat and keep people employed during the pandemic,” said Suzanne Clark, president of the U.S. Chamber of Commerce. “This comprehensive guide ensures small business owners fully understand what aid is available to them and how to access those funds as quickly as possible. We remain committed to ensuring no family or business goes bankrupt due to financial hardships associated with the coronavirus.”
Additionally, to help small businesses, the U.S. Chamber of Commerce has compiled an interactive map to show the aid available to them on a state-by-state basis.
"This is a big deal and can be the difference maker for a lot of plumbing companies," said Matt Michel, president of Service Nation.
Service Roundtable is currently hosting two documents explaining the program in-depth. One is an explanatory document from the U.S. Chamber of Commerce. The other is a document from Live Oak Bank, a Service Roundtable Preferred Partner. Contractors can download the documents for free by visiting www.serviceroundtable.com/freebies/default.asp.