Small Business Guide to CARES act

If you are considering an SBA loan to take advantage of the CARES act, please take a look at the US Senate Committee on Small Business & Entrepreneurship’s “Guide to the CARES act.” The detailed document has links to information you need and local contacts where you can get started.

Let’s walk through this and see how this can support your organization.

To start, remember that this disaster response was signed into law on March 27, 2020 so it is evolving and more information will be published by the Small Business Administration each day. So, check back here for updates often.

Part 1: I am short of cash to stay open and keep key staff. Please check out the Economic Injury Disaster Loans & Emergency Economic Injury Grants on page 7 of the guide. These grants and loans are specifically designed to provide short term funding to get your business to next week or next month.

Part 2: I need money to keep paying my employees for the next 8 weeks. In our industry with the highly seasonal nature of the work, this could be a real point of concern. The Payroll Protection Program will help support your payroll for 8 weeks from now until June 30, 2020. The loans can be forgiven if used as intended and documented correctly.

Part 3: Make a plan. Spend some time mapping out how you are going to get through this. Make some assumptions and know they will be wrong. The plan helps evaluate resources, skills and challenges. The plan gives you a way to adjust, not just react.

“Plans are Nothing: Planning is Everything ” Dwight D Eisenhower