What’s considered small business? A guide to the CARES Act for business owners

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UNITED STATES (WWTI) – Programs and initiatives are included in the CARES Act to assist business owners during the coronavirus epidemic.

The U.S. Senate Committee of Small Business & Entrepreneurship released a guide to the CARES Act for small business owners in an effort to provide information regarding major programs and tax provisions available through the legislation.

The guide includes information regarding:

Paycheck Protection Program Loans

  • Types of businesses and entities eligible
  • Affiliation rules
  • Types of nonprofits eligible
  • Determination of loan size
  • Costs eligible and ineligible for payroll
  • Allowable uses of loan proceeds
  • Loan terms, interest rates and fees
  • How the forgiveness amount is calculated
  • How to get forgiveness on the loan
  • What happens after the forgiveness period
  • How many loans are available per business
  • Where to get a loan
  • How the loan coordinates with SBA’s existing loans
  • How the loan works with temporary Emergency Economic Injury Grants and the Small Business Debt Relief Program

Small Business Debt Relief Program

  • Which SBA loans are available for debt relief
  • How debt relief under the program works with PPP loans
  • Determining eligibility for a 7(a), 504 or microloan
  • What a 7(a) loan is and how to apply
  • What a 504 loan is and how to apply
  • What a microloan is and how to apply
  • How to get help applying for a SBA loan

Economic Injury Disaster Loans & Emergency Economic Injury Grants

  • Who is eligible
  • What an EIDL is and what it’s used for
  • How long grants are available
  • What businesses are considered small businesses
  • How to apply for an EIDL
  • How to get help applying

Counseling and Training

  • What a SBDC is
  • What WBC is and who it’s for
  • What SCORE is
  • Who MBDCs serve

The full guide with explanations of each topic outlined above is available below.

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