TWO PRIMARY AREAS OF FOCUS:
The focus here is on two main areas; both of which detail information for securing loans through the CARES Act. These programs are solely for small businesses (which includes self-employed, sole proprietors, 1099 recipients) and nonprofit corporations. There are a lot of other aspects of the ACT that help businesses that we will be updating you about in the coming days. We thought it would be of primary importance to help you get the resources you need to continue operations as soon as possible.
To be clear, these are relief programs for small business, certain Nonprofits and other employers (contract labor individuals, sole proprietors, etc.) through the CARES Act. This information specifically regards the loan programs included in the CARES Act, noting what is included, which group it’s available to and next steps in the application process.
There are two loan relief programs included in the CARES Act;
• The Paycheck Protection Program (PPP) – All types of business entities can qualify for this program, as well as churches and other 501c3 organizations.
• Economic Injury Disaster Loan (EIDL) – Business entities can qualify, but no churches or other 501c3 public support organizations (only 501c3 Private Foundations would qualify).
Please click the program link above which applies to you.