The COVID-19 virus has sent us all into unprecedented times that are filled with much uncertainly, so we want to share some information that you might fund helpful while navigating these uncharted waters.
The CARES Act
Last week, the U.S. Congress passed and President Trump signed into law the CARES Act (the Coronavirus Aid, Relief, and Economic Security Act) — a significant piece of legislation that seeks to provide approximately $2 trillion worth of economic assistance to consumers and businesses.
As a part of the new legislation, the Small Business Administration (SBA) has created a nearly $350 billion loan program called the Paycheck Protection Program. This program is available to businesses with 500 or fewer employees to help with payroll, rent, utilities, healthcare costs and more. The SBA has also expanded a number of their existing programs, including the Economic Injury Disaster Loan program.
Below are links to provide you with important information to assist you in determining the best action to take for your business.
Find the Right Covid-19 Loan for Your Business – This guide will provide you with information on the new resources available for small businesses from the SBA.
COVID-19 Small Business Guide and Checklist – Use this guide from the U.S. Chamber of Commerce that will help businesses prepare to file for an emergency loan.
SBA’s Guide to the PPP – Get an overview of the Paycheck Protection Program from the SBA.
PPP Application Form – Begin the process for your business to receive financial assistance through the Paycheck Protection Program with a form provided by the U.S. Treasury Department. Lenders may begin processing loans on April 3.
Castle Wealth Advisors’ Summary and Analysis of the CARES Act – Certified financial planner Gary Pittsford offers an analysis of what the CARES Act means for small business owners.
Together We Can
The Paint & Decorating Association is also here to support you as you go through this journey, and as such we have taken the following steps:
PDRA is offering all dealer education and webinars complimentary to all independent dealers in the industry. Enroll for Free Now. To view webinars, Click Here. If you need assistance, please email firstname.lastname@example.org.
The PDRA $5000 Scholarship Competition deadline has been extended to July 3, 2020. This will allow you to share some good news with your community – a chance to win cash for college. We have promotional materials that will help you spread the word about the Scholarship to your customers, contractors, schools and news outlets. Click Here for more information and to download the material.
The PDRA remains dedicated to supporting you as we face the challenges ahead. We will find ourselves on the other side of this crisis soon, and when we do, we will all be stronger for having faced the challenges of the Covid-19 virus together.
TOGETHER WE ARE BETTER!
CARES ACT Financial and Business ResourcesKim2020-04-07T09:25:47-05:00