CARES Act

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Cares Act

Payroll Protection Program

The program would provide cash-flow assistance through 100 % 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 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. Small businesses and other eligible entities will be able to apply if they were harmed by COVID-19 between February 15, 2020 and August 8, 2020. This program would be retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls. Loans are available through August 8, 2020.

Economic Injury Disaster Loans and Emergency Economic Injury Grants*

These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.

Small Business Debt Relief

This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law. 

Contact Information

Lauren Cartwright

Business Retention and Expansion Program Manager

Economic Development Board
Contact us by Phone

Contact Information

Marcos J. Suarez

Asistencia a Negocios en Español

Economic Development Board
Contact us by Phone

Contact Information

Christine Palmer

Business Development Program Manager

Economic Development Board
Contact us by Phone
Address
141 Stony Circle, Suite 110
Santa Rosa, CA 95401