Congress Passes CARES Act
Congress passed the CARES Act late last week that provides $350 billion in loans for small businesses with less than 500 employees, referred to as the Small Business Administration (SBA) 7(a) Payroll Protection Program (PPP). The PPP is a different program than the SBA’s disaster loans previously authorized. Local lenders will administer the new CARES Act loans.
Attached is more information from the Kentucky Bankers Association and other organizations about this new program and how it will work with the existing disaster loans provided by the SBA as well as other relief that local lenders can provide. Please know that the PPP loan funds will be depleted quickly, and if you plan to utilize these funds, please reach out to your local lender today to determine if they participate and to start the application process.
Here are helpful resources for you:
- Small Business Owner's Guide to the CARES Act
- Resources from the Kentucky Banking Industry
- Coronavirus Emergency Loans Small Business Guide and Checklist - U.S. Chamber
Please know that we are here to help you in any way that we can.