During this global pandemic, we at IMS want to give you up to date and important information to keep your business going.
Last week, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which allocates $350 Billion to help small businesses keep workers employed amid the pandemic and economic fall. Also known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses that maintain their payroll during this emergency. Moreover, these loans may be forgiven if borrowers maintain their payroll during the crisis.
In response, the U.S. Chamber of Commerce has created a guide to help small businesses, independent contractors, and gig workers prepare to file for a coronavirus relief loan under the CARES Act. You can download the guide here.
The Guide outlines the steps you need to take now and how to prepare to access much-needed funds to help keep your workers on the payroll during this period.
Additionally, the U.S. Chamber of Commerce has created an interactive map to show the aid available to them on a state-by-state basis (please click here to see that information).
As things develop with both COVID-19 and the CARES Acts, we will do our best to keep you informed.