The CARES Act:

If you’re a small business owner with 500 employees or less, you might be asking ‘How does the CARES Act help me keep my doors open and my employees on the payroll?’

• Provides $377 billion in emergency relief for small businesses, including restaurants, bars, hardware stores, and nail salons, as well as those who are sole proprietors or self-employed.
• Allows 8-weeks of loan forgiveness for expenses that include payroll, rent, mortgage interest, and utilities.
• Takes meaningful steps to quickly get liquidity to businesses in order to stabilize our economy and protect jobs in Texas and across the country.

 This emergency relief was specifically designed for job creators to be able to hire back their employees and keep the lights on. If that loan is used for payroll, rent, or utilities – it’ll be forgiven in year.

TOOLS AND RESOURCES FOR SMALL BUSINESSES AND JOB CREATORS

The Small Business Administration (SBA) is providing emergency relief for small businesses through community banks and/or approved small business lenders. A short summary of the SBA loans are below:

• Economic Injury Disaster Loan Program: Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19).
• Express Bridge Loan Pilot Program: Allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.