On March 27, 2020, President Trump signed an economic stimulus act titled the “Coronavirus Aid, Relief, and Economic Security Act” also known as the “CARES Act.” The CARES Act allocates approximately $377 billion to enable the Small Business Administration (SBA) to provide disaster relief to:
- Existing SBA borrowers through six months of loan forgiveness
- New SBA borrowers through the Economic Injury Disaster Loan (EIDL) Program and the Paycheck Protection Program (PPP)
Read our full advisory HERE to learn more about the options now available to small businesses seeking disaster relief due to the COVID-19 pandemic through SBA programs.
Read our quick reference guide HERE to learn more about the differences between the new PPP and the modified EIDL program that eligible borrowers should consider when determining which disaster relief program options are right for them.