What is CARES Act for business?

- A long-term direct loan program from the SBA.

- Apply directly on sba.gov

- 3.75% APR for business in 30 years.

- 1st payment deferred 1 year.

- Retain receipts and contracts for all loan funds spent for 3 years.

- Eligible applicants for an EIDL can receive a maximum $10,000 emergency grant as long as the funds is availble.

- Donot have to repay the grant.  However, the $10,000 grant will be subtracted from the PPP loan forgiveness amount.

- To support small businesses to keep workers on the payroll.

- Apply directly through your business bank (your lender).

- 1% APR in 2 years or 5 years

- Forgiven if all employee retention criteria are met and funds used for eligible expenses.

- Retain payroll records and receipts for 3 years. 

- Payments are deferred 10 months after the end of the covered period for the borrower's loan forgiveness (either 8 weeks or 24 weeks)

-Sole proprietorship, independent contractor

-Non-profit

-Partnership, S corporation, C-corporation not more than 300 employees.

-Business started before January 31, 2020.

-Landlord, Real Estate, Rental Properties, Lost Rents

-And Others