CARES Act Supports Small Businesses During Crisis

The recently enacted federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides for two main types of assistance to help small businesses meet their needs during the pandemic, the Paycheck Protection Program and the Economic Injury Disaster Loans and Loan Advance. 

The Paycheck Protection Program provides federally guaranteed loans to most businesses and nonprofits with fewer than 500 employees. Businesses may use the Paycheck Protection Program proceeds to pay rent, utilities, and payroll. Loan proceeds may be forgiven if spent on allowed expenses. Apply through an approved Small Business Administration lender. 

Economic Injury Disaster Loans and Loan Advances provide a quick infusion of cash to help similar businesses and nonprofits cover rent and utilities, as well as payroll and other expenses. The Small Business Administration will make the loan advance of up to $10,000 available within three days of a successful application. This loan advance will not have to be repaid. Longer terms loans which will have to be repaid are also available. Apply through the Small Business Administration website at https://covid19relief.sba.gov. For more information, visit https://www.beavertonoregon.gov/faq.aspx?qid=637.