We’re all continuing to navigate these unchartered waters while striving to find our new normal. Last week, the Federal government signed a stimulus package to help businesses with 500 or fewer employees to stay afloat as the country continues to battle the COVID-19 pandemic.
In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak. One program small businesses can apply for is the Paycheck Protection Program (PPP).
The PPP will cover certain costs, including payroll, health insurance premiums, rent and utilities.
IMPORTANT TO NOTE
This is only one program included in the nearly $350 Billion stimulus package. Each business will need to determine the appropriateness of these programs based on their own personal and financial circumstances. The best first step is to contact your local lender and find out if they are participating in the program.
We’re providing this information as a courtesy. Please contact your accounting or legal advisor with questions related to any programs outlined in the stimulus package.
Additional information can be found on the websites of the Small Business Administration and the US Chamber of Commerce.