On Friday, March 27th, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law. The Act provides financial relief to individuals and small businesses. With these uncertain economic times, we encourage business owners to review the available relief programs for any financial opportunities for your business. We also encourage you to check with your business insurance provider on any applicable business interruption insurance as well as local business chamber for additional funding opportunities.

We understand the information can be overwhelming and new information is being distributed daily. To ease this burden, we have compiled a short list of the key programs available to small businesses and helpful links to find additional information.

Paycheck Protection Plan (PPP)

Loan to help cover payroll, mortgage/rent or utilities and potential to be 100% forgivable. These loans will be provided on a first-come, first-serve basis and are offered through approved SBA lenders.

Economic Injury Disaster Loan (EIDL)

Quick loan advance up to $10,000 that does not need to be repaid.

Employee Retention Credit

Credit provided to employers to encourage businesses to keep employees on their payroll.

Small Business Debt Relief Program

If your business has an outstanding SBA loan, check with your SBA lender on opportunities for existing loans under the CARES Act.

Additional Resources:

Goldmark Property Management, Inc. does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice.