The Coronavirus Aid, Relief, and Economic Security (CARES) Act recently allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. In an effort to help our small business partners gain access to this money, we’re providing the documentation here that tells you if you are eligible, what information you’ll need to prepare for your lender and how much you can borrow and whether or not your loan is eligible to be forgiven.
This information comes from the US Chamber of Commerce and the Small Business Administration. For more information on your business specifically, we recommend contacting your business banker for a more detailed discussion. There are links to additional sources of information in the downloads. Loans are available through June 20, 2020, so move quickly to ensure the best response. This plan is emergency relief designed to help businesses stay afloat during an unprecedented freeze in the traditional way of life.
For small businesses, $350 billion is dedicated to preventing layoffs and business closures while employees are not able to work during the stay-at-home orders many states have invoked. Companies with an employee base of 500 or fewer that maintain payroll during coronavirus are able to receive up to 8 weeks of cash-flow assistance. What’s more, for those who are able to maintain payroll, a portion of the loan used to cover payroll, interest on mortgage obligations, rent and utilities will be forgiven.
To download the details and find out how your business can be eligible, click on the links below.
We understand that this pandemic is having a heavy economic opportunity cost for businesses, many of whom are our clients and friends. To do what we can, we’re also making available opportunities to meet with our marketing team to brainstorm advertising strategies that will help you meet the changing needs of the marketplace. With lots of resources available and expertise in a wide variety of strategies, we’re here to help you navigate through this challenging time. Our fellow businesses and citizens of mid-Missouri have risen to the challenge during this pandemic, and we salute you. Together, we can come back stronger than before.