The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law last Friday, March 27th, providing $350 billion to help small businesses impacted by the COVID-19 pandemic.
The CARES Act provides forgivable loans for small businesses to retain workers and maintain payroll and other debt obligations. Small businesses can borrow up to 2.5 times their average monthly payroll costs, up to $10 million. Even sole proprietors, independent contractors and self-employed individuals are eligible. Most importantly, these loans may be forgivable if the borrower maintains their payroll during the crisis or restores their payroll afterwards. Also covered will be the Employee Retention Tax Credits available to employers who suffer a significant loss or had their operations fully or partly suspended due to COVID-19.
The Home Builders Association is presenting this free webinar for members to better understand how the CARES Act works, who is eligible and how you can take advantage of these forgivable loans.
Presenters will be Marty Goldman, Portland District Director with the U.S. Small Business Administration, along with attorneys from the business law firm of Saalfeld Griggs PC.