CARES Act will assist small business owners during COVID-19

The Coronavirus Aid, Relief and Economic Security (CARES) Act was passed by Congress and signed into law Friday, March 27 by President Donald J. Trump.

According to the National Association for the Self-Employed (NASE), the new bill offers relief to the small businesses and restaurants affected by the COVID-19 pandemic. The program will include a Paycheck Protection Program, which includes $349 billion for Small Business Administration and guarantees of forgivable loans for small and medium-sized businesses.

The program works in relation to the SBA’s existing 7(a) loan program and will make forgivable loans of up to ten million dollars available to qualifying small businesses. The loan can also be forgiven if the business maintains its payroll through Tuesday, June 30, according NASE.

To better assist, SBA is holding informative meetings for business owners to aid in the recovery effort. To be a part of the meetings, download the Skype for Business app, or join by phone at 1 210-469-4148.

SBA EIDL Information Webinars will be held at 2 p.m. April 1, Conference ID 366690258; 2 p.m. April 2, Conference ID 484237430 (Spanish); and 10 a.m. April 3, Conference ID 783528154

For questions related to an EIDL loan application, contact the Lubbock office of SBA at 806-472-7462 or the disaster assistance customer service center at 1-800-659-2955 or diastercustomerservice@sba.gov.

More information and eligibility requirements can be found on the NASE website.