A new payroll protection program is available to small business through the Coronavirus Aid, Relief, and Economic Security Act also known as the CARES Act.
When the COVID-19 relief act was signed by President Trump, it allocated $350 billion to help small businesses keep their workers employed during the current pandemic. The Paycheck Protection Program, available through the CARES Act will provide small businesses with less than 500 employees who have been affected by the coronavirus, the funds they need to pay up to 8 weeks of payroll costs or other fees such as interest on mortgages, rent, and utilities.
The funds will be provided in the form of a loan and will be 100 percent forgiven based on the employer maintaining their employees and salary levels. All small businesses are eligible including non-profits, veteran organizations, self-employed individuals and independent contractors. Small businesses can begin the application process on April 3 and independent contractors and those who are self-employed can begin applying on April 10. For more detailed information on how and where to apply, visit www.sba.gov.