MARCH 30, 2020

COVID-19 Emergency Loans: Small Business Guide and Checklist


The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $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 federal government soon will release more details including the list of lenders offering loans under the program. In the meantime, the U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan. The guide covers four main areas:

  • Am I eligible?
  • What will lenders be looking for?
  • How much can I borrow?
  • Will this loan be forgiven?

Click the button to see the full checklist.


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