CARES act resources for your small business including FAQs

National News

WASHINGTON D.C., (WTAJ) — On Friday, March 27, the President signed the Coronavirus Assistance and Relief (CARES) Act. The new federal law provides assistance to help small businesses keep workers employed

The Pennsylvania Industrial Development Authority(PIDA) announced that a total of $61 million will be available to assist Pennsylvania small businesses (those with 100 or fewer full-time employees) impacted by COVID-19 with working capital needs. 

The Payment Protection Program Loans would provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy to snap-back quicker after the crisis.

PPP has a host of attractive features, such as forgiveness of up to 8 weeks of payroll based on employee retention and salary levels, no SBA fees and at least six months of deferral with maximum deferrals of up to a year.

All PIDA loan applications must be submitted through a Certified Economic Development Organization (CEDO). For the list of CEDO’s operating within Pennsylvania, you can refer to www.dced.pa.gov/PIDA for general information and www.dced.pa.gov/cedo  for a county by county map of CEDOs.

From low-interest Payment Protection Program Loans to debt forgiveness, paproviders.org has put together a very useful FAQ document here.

The full guidance document is available here

For a better understanding of what there is and if your small business qualifies, you can check out an easy to read outline by clicking here.

To look at the various small business loan outlines you can click here.

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