The Coronavirus Aid, Relief, and Economic Security (CARES) Act has allocated $350 billion in federally guaranteed loans to help American small businesses and independent contractors amid the pandemic and economic downturn.
See more details in the image gallery at the bottom of this post.
Who qualifies:
- Small business owners (fewer than 500 employees)
- Sole proprietors
- Independent Contractors
- And more
How much can you borrow?
- For small businesses: Loans are up to 2.5 x the borrower’s average monthly payroll costs (for 2019), not to exceed $10 million
- For sole proprietors, independent contractors, and self-employed individuals: Loans can equal your total compensation (for 2019), not to exceed $100,000.
IMPORTANT: these loans may be forgiven if the borrower maintains payroll during the crisis or restores payroll afterwards!
More information available at these links:
- Small Business Administration:
- US Chamber of Commerce:
