The Federal CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $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.
The U.S. Chamber of Commerce’s Nick Vaugh, Senior Manager, Eastern Region will provide a summary of the legislation and share details how small businesses and self-employed individuals may qualify and
prepare to file for a loan on a Zoom webinar this Friday, April 3 from
11 a.m. - 12 noon.
Registered participants will be sent the link with instructions on how to access the session on Friday morning.
An Alternative to Layoffs
The Shared Work Unemployment Compensation Program from the NYS Department of Labor is for businesses that have a reduction in available work and allows employers to divide work in such a way to avoid a layoff.
U.S. Department of Treasury Releases Information on
Paycheck Protection Program
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Please review the resources provided by the U.S. Department of Treasury below and visit their webpage for additional information.
· A top-line overview of the program can be found here.
· If you’re a borrower, more information can be found here.
· The application for borrowers can be found here.