More small business aid is on the way after Congress passed legislation to replenish emergency loan and grant programs for small businesses, self-employed individuals and independent contractors.
The measure includes an additional $310 billion for the depleted Paycheck Protection Program (PPP) and an additional $60 billion for the Economic Injury Disaster Loan (EIDL) program. This new funding is expected to go quickly.
Here are step-by-step guides to apply for funding through PPP and EIDL.
The CARES Act allocated $350 billion to help small firms keep workers employed. Called the Paycheck Protection Program (PPP), the initiative provides 100% guaranteed loans that can be forgiven if borrowers maintain or restore payrolls. Check eligibility and prepare to apply using this guide.
The CARES Act expanded the SBA’s long-standing Economic Injury Disaster Loan Program (EIDL), which includes additional loan programs and $10,000 emergency grants. Check eligibility, calculate borrowing limits, and prepare to apply using this guide.
If you are an independent contractor or self-employed individual, you may be eligible for Paycheck Protection Program (PPP) loans/grants, SBA’s Economic Injury Disaster Loans (EIDL), and/or Unemployment Compensation for lost income. This guide walks independent contractors through the steps.
For many more resources, webinars, research, and advocacy tools for small businesses, visit uschamber.com/savesmallbusiness.