On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law to assist business owners with immediate financial needs.
The Small Business Owners Guide to the CARES Act provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA. A comprehensive list of Frequently Asked Questions is also now available. The guide is organized in Question and Answer format to help businesses find the resources that might be most helpful including:
- Payment Protection Program (PPP) Loans to provide cash-flow assistance to employers who maintain their payroll during this emergency.
- Small Business Debt Relief Program for immediate relief to small businesses with existing non-disaster SBA loans, in particular 7(a), 504, and microloans. The SBA also recently announced automatic deferments for borrowers still paying back SBA loans from previous disasters.
- Economic Injury Disaster Loans and Emergency Economic Injury Grants to provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL).
We will continue to compile resources and information on our website. Please check back regularly, as this information continues to change.
Rutland Economic Development Corporation
67 Merchants Row, Suite 104
Rutland, VT 05701
Phone: (802) 773-9147 | Fax: (802) 770-7089
Mon – Fri: 9:00 am – 5:00 pm