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CARES Act & Other Relief Options

CARES Act & Other Relief Options

The CARES Act

The CARES Act was signed into law on March 27, 2020 providing many relief options for small businesses. The new options include a loan from the Small Business Administration of which much may be forgiven (i.e. Does Not Have to Be Repaid, EVER!), an emergency grant from the SBA in relation to an Economic Disaster Relief Loan, of which a portion may not have to be repaid under certain conditions, and a new Employee Retention Credit for 50% of wages paid by small businesses to employees while partially or fully closed. You can’t have it all! These relief programs are generally mutually exclusive.

Need Legal Guidance Regarding Relief Claims?

Who is Eligible

What are the Loan Terms

How and When to Apply

How to Calculate How Much You Can Borrow

What Can You use Loan Funds On?

How Much Do I Have to Pay Back?

Rehiring

7(a) Loan Eligibility Exclusion

Who is an Eligible Employer?

What Wages Are Eligible

What is the Tax Credit Amount?

Overages

Eligibility

Emergency Grant

Interaction with SBA 7(a) Loan

How to Apply