Government officials are doing their part to help small businesses continue their operations (and keep their employees on the payroll) until we get through the COVID-19 crisis. Through the Coronavirus, Aid, Relief and Economic Security (CARES) Act, hotels, resorts and restaurants have access to relief through loans and tax benefits.
For small businesses of 500 or less employees, here are the two primary loan programs:
(More information available at www.SBA.gov)
For small businesses of 500 or less employees, here are the two primary loan programs:
(More information available at www.SBA.gov)
Paycheck Protection Program Loan
The Coronavirus Aid, Relief, and Economic Security (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.
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Economic Injury Disaster Loan
The SBA provides low-interest disaster loans to help businesses recover from declared disasters. If your insurance, and funding from the Federal Emergency Management Agency (FEMA), doesn’t cover the disaster assistance you need, you can use disaster loans for a number of purposes.
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