Attention Small Business Owners:
Act now, before the program becomes overwhelmed with demand.
You may benefit from one of the key provisions of the The CARES Act that provides up to $350 billion in funding for qualifying businesses, sole proprietorships, and non-profits in the form of forgivable loans up to 2.5 times their average monthly payroll to use toward payroll, rent, and utility costs.
The CARES Act is the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act that was signed into law last Friday. It is the largest economic relief package in U.S. history.
If the proceeds of the loan are used for qualifying expenses, the loan converts into a federal-tax-free grant by the end of the year, meaning, if used correctly, the money borrowed through this program is not due back and will not be taxed at the federal level. (Whether it is taxed at the state level has not yet been determined).
To see if you qualify for this provision, please click the link below to access the Coronavirus Emergency Loans Small Business Guide by the U.S. Chamber of Congress.