As we go into the weekend my hope is that you have time to relax and enjoy some much needed family or quiet time.
All throughout today your Chamber team was on conference calls with state and federal organizations to get a better understanding of the new legislation and how it can best serve you. I want to brief you on some of it, but also want to let you know that we are working hard to set up webinars and conference calls to help you understand the opportunities ahead of you.
The President signed into law the CARES Act with no significant changes from the summary I posted on the website yesterday. This law has provisions that impact businesses of all sizes, but many of our small businesses have been most interested in the Small Business (under 500 employees) Paycheck Protection Program loan.
The US Chamber put together this incredibly helpful Coronavirus Emergency Loans Small Business Guide and Checklist that focuses on the Paycheck Protection Program loans. These loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls before the end of June if you have already had to layoff or furlough.
A commonly asked questions is, "Am I eligible?" See the list below. The good news is independent contractors, sole proprietors and self-employed tradesmen are also included.
In addition, some special rules may make you eligible:
The next most obvious question is: "How do I apply?"
Again, check out this Coronavirus Emergency Loans Small Business Guide and Checklist to get more of your questions answered.
The Governor issued a few executive orders today that may be relevant to you. For a full state update click here: