The CARES Act (The Coronavirus Aid, Relief and Economic Security Act), passed by Congress March 2020 is a roughly $2 trillion stimulus package designed to help small businesses recover from the COVID-19 outbreak.
The CARES Act offers business owners many different loan packages to choose from – which is fantastic; however, as you probably have discovered, overwhelming at the same time. QuickCreative Advertising is also a small business so we’ve been doing a fair bit of research ourselves to learn about the different options. One of the most useful resources we came across that helped decipher the various loan programs was The U.S. Chamber of Commerce website. We found ourselves referring to it time and again, so we pulled together our favorites from the site and shared them below to help other small businesses and independent contractors explore and discover the best fit for their business.
Accessing Stimulus Funding for Your Small Business
If you’re looking for an easy-to-follow, comprehensive overview of the CARES Act loan programs, we recommend reading (and bookmarking!) “How to Access Stimulus Funding for Your Small Business“, from the US Chamber of Commerce. This useful resource contains listings of available CARES Act loan programs, along with a brief description of each to help you decide which one you should apply for. Plus there’s a handy chart outlining the various CARES Act Assistance programs: PPP (Paycheck Protection Program), EIDL (Economic Injury Disaster Loans, Payroll Tax Deferment, ERTC (Employee Retention Tax Credit), and Main Street Lending.
Coronavirus Emergency Loans Small Business Guide
Have questions about the PPP (Paycheck Protection Program)? The US Chamber of Commerce has put together a 4-page PDF guide to help answer your questions such as “Am I eligible for a PPP loan?” “How much can I borrow?” “How do I become eligible for loan forgiveness?” The pdf format makes it easy to print – so you always have a quick reference at your fingertips.
Guide to PPP Loan Forgiveness
This guide is designed to help borrowers understand the process by which their loan forgiveness amount will be calculated and the overall approach of the loan forgiveness process.
Virtual National Small Business Town Hall.
Fridays at noon.
Inc. and the U.S. Chamber of Commerce have teamed up to offer a series of virtual National Small Business Town Hall episodes. These episodes help small business owners and sole proprietors learn about the various coronavirus relief options available to them.
Past topics are available for replay and are listed below:
Workshop Wednesdays from the U.S. Chamber of Commerce.
The Virtual Workshop Wednesday series provides you with practical skills to help keep your small business moving forward during the COVID-19 pandemic.
Never Miss a Beat. For the latest updates on navigating the coronavirus crisis as a business owner, follow CO – by U.S. Chamber of Commerce on Twitter and LinkedIn.
Additional COVID-19 Resources for Small Business Owners
The Small Business Administration: Conveniently access COVID-19 Small Business Guidance & Loan Resources all in one spot on The Small Business Administration website. Or just click on their Twitter post below:
Wondering if you can still apply for Coronavirus Relief Options? Check out the article below from the Small Biz Club website, created by Fran Tarkenton (yes, the same University of Georgia quarterback and NFL Hall of Famer Fran Tarkenton.) Tarkenton’s passion for small business led him to go on to start 20 businesses after his NFL retirement. He now shares lessons he’s learned with other entrepreneurs to help them compete and improve and grow. As Tarkenton puts it, “It takes a sense of desperation to grow a business. The passion and drive to get another customer, improve your product or service, or overcome a challenging obstacle.” And at this time, that certainly rings true.
What Should a Small Business Owner Do Now?
We leave you with one very important piece of advice from the U.S. Chamber of Commerce – “Do your research and have a plan. Just because your business may be eligible for a loan, does not mean that’s the best decision for your business. Find the right loan for you, research it and get your paperwork ready.”
About QuickCreative Advertising: We’re digital marketers and content writers with a focus on helping our clients generate traffic and attract new customers through organic SEO (search engine optimization), social media engagement, researching and writing compelling blog posts and articles, and enhancing the overall customer experience.