Every business in every industry is grappling with the financial aftershocks caused by the COVID-19 pandemic sweeping the globe. Small businesses, in particular, have been bearing the brunt of abrupt, sharp declines in consumer spending.
In late March 2020, U.S. Congress responded by passing the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act allocates $350 billion to support small businesses through the Paycheck Protection Program (PPP). Through the PPP, the Small Business Administration is authorized to provide 100% federally backed loans to help eligible businesses pay operational costs through the end of 2020.
The 411 on how to obtain relief
COVID-19: Economic Relief Through Small Business Loans and Payroll Tax Deferral will provide an overview of the new resources available to help small businesses weather the ongoing storm. You’ll learn:
- Loan eligibility requirements
- Payroll tax deferral details
- How to apply for loans
- Program limitations
It’s important to quickly understand how these federally backed loans work, as they are time-sensitive. Eligible businesses must file applications for PPP loans by June 30, 2020.
Understand what resources are available to keep Wisconsin small businesses afloat during these unprecedented times with help from COVID-19: Economic Relief Through Small Business Loans and Payroll Tax Deferral.