CARES Act SBA Loan Information

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The President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) on March 27, 2020. The CARES Act, among other things, will provide economic assistance options for small businesses, including independent contractors through the United States Small Business Administration (SBA). The SBA will soon release more details, including the list of lenders offering loans under the program. In the meantime, small businesses and self-employed individuals may review program information to prepare to file a loan.

The Act provides loans to small businesses that may be forgiven, provided that certain criteria are met. Businesses eligible for forgivable loans include:

  • A small business with fewer than 500 employees
  • A small business that otherwise meets the SBA’s size standard
  • A 501(c)(3) with fewer than 500 employees
  • An individual who operates as a sole proprietor
  • An individual who operates as an independent contractor
  • An individual who is self-employed who regularly carries on any
  • trade or business
  • A Tribal business concern that meets the SBA size standard
  • A 501(c)(19) Veterans Organization that meets the SBA size standard

A summary of Small Business Administration (SBA) loans may be accessed here.
A summary of the CARES Act provisions may be viewed here.

 

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