WASHINGTON—The U.S. Chamber of Commerce has created a guide to help small businesses, independent contractors and gig economy workers prepare to file for a coronavirus relief loan under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The Chamber's Coronavirus Small Business Guide outlines the steps small businesses should take now and prepare to access much-needed funds to help keep their workers on the payroll during this disruptive period.
Further guides will be developed as the CARES Act becomes implemented.
"The U.S. Chamber of Commerce is working with state and local chambers across the country to provide businesses with the information they need to stay afloat and keep people employed during the pandemic," Chamber President Suzanne Clark said.
"This comprehensive guide ensures small business owners fully understand what aid is available to them and how to access those funds as quickly as possible. We remain committed to ensuring no family or business goes bankrupt due to financial hardships associated with the coronavirus."
The Chamber also has compiled an interactive map to show the aid available to them on a state-by-state basis.
The CARES Act passed last week allocates $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses that maintain their payroll during this emergency.
These loans may be forgiven if borrowers maintain their payroll during the crisis.