Business Lawyers Blog
In the wake of the COVID-19 pandemic, the U.S. federal government passed the CARES Act, a $2 trillion stimulus package aimed at softening the economic distress suffered by American businesses and individuals. The massive stimulus package authorizes up to $349 billion in forgivable loans through the Paycheck Protection Program to help small businesses pay their employees during the COVID-19 crisis.
When can you apply?
Starting Friday, April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other specified expenses through Small Business Administration (SBA) lenders. Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive similar loans.