CARES Act Overview

Chamber News

What does the CARES Act mean for you?

Below is a quick outline of the relief efforts passed last week as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The CARES Act Overview:

  • Gets financial assistance to Americans
  • Brings relief to small businesses and their employees
  • Stabilizes the economy
  • Supports healthcare workers and patients

For many of you, the most important component is the funding being made available to small businesses during this crisis. The CARES Act 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. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

For more details, download this guide provided by the U.S. Chamber of Commerce to help small businesses and self-employed individuals prepare to file for a loan.

As we learn more about these lending opportunities, we will communicate you. Continue to check your email and monitor our website for updates.