This is information compiled from SBA.gov and the actual text of the $2 trillion CARE stimulus package signed into law Friday March 27.
There are three primary forms of relief available to small business through the new CARES law:
Who can get this benefit? The definition is surprisingly broad. Companies (that is, C-corps and S-corps and LLCs), sole proprietorships, some nonprofits, and even independent contractors are eligible. Companies with more than 500 employees per location are not eligible, but should look to other sections of the CARES act for relief for specific industry groups.
As of March 29, 2020, the information available at SBA.gov and in the full text of the bill, the process for accessing the $10,000 advance that does not need to be repaid is to apply directly at the SBA website. NABA encourages you to begin your application quickly. Although the government allocated billions of dollars to fund this program, it’s not unlimited and many businesses will be applying.
Businesses may want to wait until Monday and confer with their business banker to see whether it would be advisable to apply through a bank instead.