Congress recently passed the CARES Act, an emergency stimulus package designed to help businesses – especially small business – that have been adversely affected by the coronavirus. With respect to small businesses here in Glens Falls, the CARES Act includes two important programs that all business owners should be aware of:
- The Economic Injury Disaster Loan Program (EIDL): This loan advance will provide up to $10,000 of economic relief to businesses that are experiencing temporary difficulties due to the COVID-19 outbreak.
- The Paycheck Protection Program (PPP): This is a loan program that helps businesses keep their workforce employed during the COVID-19 crisis.
Both of these programs are available to a wide range of organizations and in many cases, the funds do not have to be repaid.
To help you access these funding opportunities, below is some information about the programs:
Summary Presentation on the CARES Act Programs Available through the Small Business Administration:
Economic Injury Disaster Loan Application
Paycheck Protection Program Application
List of SBA Lenders