CARES Act: The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides the following relief for small businesses:
- Emergency grants: The Act allocates $10 billion to the Small Business Administration (SBA) for emergency grants of up to $10,000 to provide immediate relief for the operating costs of businesses.
- Forgivable loans: The Act allocates $350 billion to loan forgiveness grants to small businesses and non-profits to allow them to maintain their existing workforce and to help affray expenses such as rent, mortgage, and utilities. Each business is eligible for up to $10 million.
- Relief for existing loans: The Act allocates $17 billion to the SBA to allow it to cover six months of payments to small businesses with existing SBA loans.
- Washington State Small Business Emergency Grant Information: On April 7, Governor Inslee announced new grants of up to $10,000 for small businesses affected by COVID-19. If you are a small business with 10 or fewer employees and you have been in business for at least one year, you are eligible. Learn more about the application process here. Complete an application at this link.
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- Be Prepared for Reopening Your Business with COVID-19 Policies in your Employment Handbook
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- Additional Cash Flow Relief for Businesses under the CARES ACT: Deferral of Social Security Tax Payments
- The CARES Act – Frequently Asked Questions
- Coronavirus and Commercial Agreements
- The Small Business Owner’s Guide to the CARES Act
- Coronavirus Emergency Loans: Small Business Guide and Checklist
- Employee Retention Credit available for many businesses financially impacted by COVID-19
- SBA Guidelines for CARES
- SBA Interim Final Rule
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