CARES Act Presentation
Summary of 2 elements of H.R.748
Congress passed, and the President signed the CARES Act. This presentation is a summary of 2 (two) principle elements intended to assist Small Businesses.
The Paycheck Protection Program
Prioritizes millions of Americans employed by small businesses by authorizing up to $349 Billion toward job retention and certain other expenses. Small businesses…as well as individuals who are self-employed or independent contractors, are eligible…
Loans & Loan Forgiveness
Eligible recipients may qualify for a loan of up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
Loan payments will be deferred for six months.
If you maintain your workforce, SBA will forgive the portion of the loan proceeds that you use to cover the first 8 weeks of payroll and certain other expenses following loan origination.