Earlier this week, President Trump signed the CARES Act bill worth an impressive $2.2 trillion. The goal of the bill is to help keep our economy afloat during and after the coronavirus epidemic. 

As a small business owner, you’re no doubt concerned about the impact this virus will have on your company and your employees. The good news is that the CARES Act can provide the assistance you need during these unprecedented times.

In fact, $377 billion is reserved for small businesses just like yours.

What do you need to do to take advantage of this financial lifeline? Keep reading to find out.

What Is the CARES Act?

Countless small businesses across the US have temporarily closed, forcing their employees to file for unemployment.

Under the provisions of the CARES Act, you can actually retain all your employees! The new law provides forgivable loans to small business owners who either retain or rehire their current employees.

What does this mean for your workers? They won’t have to file for unemployment, which saves them (and you) from a lot of tedious paperwork.

The loans will allow you to keep your payroll going and — as long as you keep your employees on payroll — the loans will be forgiven.

How Can I Apply for a Loan Under the CARES Act?

To take advantage of this government provision, you’ll need to apply at a participating bank.

The first step is signing an affidavit that states your small business has been adversely affected due to the coronavirus pandemic. To qualify, your business needs to have less than 500 employees.

How much can you borrow? The total loan can be up to 2.5 times your monthly payroll amount. You MUST use the money to cover payroll, rent, utilities, and mortgage interest for your business.

Be sure to keep track of every expense, as the loan will only be forgiven if you provide detailed records! If you use any portion of the loan for other expenses, it will be converted to a 10-year business loan with less than 4% interest.

The SBA will be giving these loans through June 30th, so don’t miss your chance to sign up. The future of your small business may depend on it!

What If I Need Help?

The ripple effect of COVID-19 is going to affect us all in the coming months. Even when the virus itself is under control, it’s going to take a lot of cooperation and effort to rev up our economy again.

Now more than ever, small business owners have an endless list of paperwork and details to track. This is true whether you’re operating an “essential” business or you’re under temporary restrictions in your area.

The point is: Don’t try to do everything yourself. Here at Intrepid Payroll, we offer a variety of payroll and HR solutions to make your life easier.

Click here to get in touch and let’s discuss the CARES Act or your business needs together.