Coronavirus Aid, Relief, and Economic Security (CARES) Act Information
The Small Business Administration (SBA) and the Department of Treasury have implemented the CARES Act to help small business owners and entrepreneurs obtain some relief from the negative financial effects of the coronavirus (COVID-19). The information presented herein has been compiled from a variety of government sources and is meant as a resource for CCG customers and interested parties.
We will update this page as new information is released.
On May 15, 2020 the SBA released the Paycheck Protection Program (PPP) Loan Forgiveness Application and instructions.
The form and instructions include several measure to reduce compliance burdens and simply the process. Find out more by visiting the Department of the Treasury website. Or access and download the PPP Loan Forgiveness Application.
The Paycheck Protection Program (PPP) 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. Small businesses with 500 or fewer employees are eligible, including veterans’ organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors. Additional details can be found in the PPP Overview and in the PPP Information Sheet.
Small businesses and sole proprietorships can apply beginning April 3, 2020.
Independent contractors and self-employed individuals can apply beginning April 10, 2020.
The application was revised on June 24, and PPP resumed accepting applications July 6, 2020. The new application deadline is August 8, 2020.
To find a lender eligible to issue a PPP loan, visit www.sba.gov/paycheckprotection/find
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans to overcome the temporary loss of revenue they are experiencing due to a disaster. A special application has been put in place to deal with revenues losses due to COVID-19. Access the COVID-19 application here.
To learn about other SBA programs related to COVID-19 relief, visit the SBA Disaster Assistance website.
*Coronavirus image courtesy of the CDC.