Here, finally, are the details on the programs to help small businesses affected by COVID-19 under the new $2 trillion relief package just passed by Congress.
The experts advise businesses to apply for assistance as soon as possible.
The new relief package is called the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The guide below explains a few key programs suitable to car audio retailers and suppliers.
One program allows small businesses to get a loan to keep employees on the payroll, with options for loan forgiveness for up to 8 weeks of payroll.
Another program provides up to $10,000 in grant money, within 3 days of applying for a loan. This grant of up to $10K does not need to be repaid under any circumstances.
A third program offers debt relief on your existing SBA (Small Business Administration) loan, if you have one.
This information is provided by the US Senate Committee on Small Business & Entrepreneurship. We obtained it through the kind help of Mark Miller, Owner of Westminster Speed & Sound, MD.
You can start with these three questions:
Do you need:
•Capital to cover the cost of retaining employees? Then the Paycheck Protection Program might be right for you.
•A quick infusion of a smaller amount of cash to cover you right now? You might want to look into an Emergency Economic Injury Grant.
•To ease your fears about keeping up with payments on your current or potential SBA loan? The Small Business Debt Relief Program could help.
•Just some quality, free counseling to help you navigate this uncertain economic time? The resource partners might be your best bet.
To keep up to date on when these programs become available, please stay in contact with your local Small Business Administration (SBA) District Office, which you can locate here.
For full details see the entire document here.