Small Business Assistance
The White House just released the following information regarding the small business assistance program under the Paycheck Protection Act, which is part of the CARES Act signed into law last Friday. I urge those that qualify and interested to contact your lenders as soon as possible to start the application process.
ASSISTANCE FOR SMALL BUSINESSES
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards. In the case of engineering firms, firms with fewer than 500 employees would qualify.