The Small Business Owner’s Guide to the CARES Act

The CARES Act includes many provisions to help you mitigate COVID-19’s impact.

Here are a variety of resources to help you get up-to-speed quickly.

Have questions? 

We’re here to help.  Join the COVID-19 group on LinkedIn (https://www.linkedin.com/groups/12386167/) or email us at david.rosendahl@mindfireinc.com.

Disclaimer: MindFire has prepared this document for the assistance of our clients and the business community at large. This document should not be interpreted as legal or accounting advice. We recommend that you contact your accountants or attorneys for additional information.

HOW TO APPLY

✅ COVID-19 ECONOMIC INJURY DISASTER LOAN APPLICATION
Here you can apply for a loan under the SBA’s Economic Injury Disaster Loan Program.  The information will be used in determining whether you are eligible for an economic injury loan. 

The estimated time for completing this entire application is two hours and ten minutes, although you may not need to complete all parts: https://covid19relief.sba.gov/ 

✅ COVID-19 Paycheck Protection Program
SBA Paycheck Protection Program is a loan program that provides for forgiveness of the loan amount if certain requirements are met. 

According to the US Treasury Secretary, funding should begin around Friday of this week (4/3/20).  Visit the link above for the application and other information you need to know now.

AUDIO/VIDEO RESOURCES

✅ Coronavirus SBA Loan Forgiveness Program — [Video; 10 minutes]
This video will walk you through how the loan works, the amount of the SBA loan, how the forgiveness process works, what you can spend the money on, and the application process.

✅ Town Hall Presented by the U.S. Chamber of Commerce [Video; 58 minutes]
Find out what the federal government’s coronavirus stimulus programs mean to your small business in this presentation from Inc. in partnership with the U.S. Chamber of Commerce.

✅ U.S. Chamber of Commerce Overview [Podcast; 25 minutes]
U.S. Chamber of Commerce Executive Vice President and Chief Policy Officer, Neil Bradley, breaks down the $2 trillion federal aid bill that provides fiscal relief to American taxpayers and businesses.

✅ Understanding the Economic Rescue Plan  [Podcast; 50 minutes]
U.S. Chamber of Commerce Executive Vice President and Chief Policy Officer, Neil Bradley, describes The Federal CARES Act.

DOCUMENT RESOURCES

✅ The Small Business Owner’s Guide to the CARES Act
An 11-page resource to help you navigate the various parts of the bill.  Very useful to assess the major areas of the bill, and then finding the key areas most useful to you.

✅ The Economic Injury Disaster Loan Program vs The Paycheck Protection Program
An excellent document that compares the Economic Injury Disaster Loan Assistance (EIDL) with the Paycheck Protection Program (PPP).

✅ U.S. CHAMBER OF COMMERCE CORONAVIRUS EMERGENCY Guide and Checklist

✅ The CARES ACT Complete Text
The complete text to the bill, in Google Doc format.

✅ The Washington Post “How to Get a Coronvarius Loan”
Here’s how to get a small business loan under the $349 billion coronavirus aid bill.