U.S. Chamber Guides and Checklists
The Coronavirus Aid, Relief, and Economic Security (CARES) Act expands
the Small Business Administration’s long-standing Economic Injury Disaster
Loan Program (EIDL). The EIDL program was created to assist businesses,
renters, and homeowners located in regions affected by declared disasters.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated almost $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.
Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
The U.S. Chamber of Commerce has issued this cheat sheet to help small businesses and self-employed individuals prepare to file for a loan.