West Columbia, SC - Congressman Joe Wilson (SC-2) released a statement Thursday, April 2, 2020 that simplifies everything small business owners need to know about the CARES Act that was signed into law this past Friday. This bill created the Paycheck Protection Program, a program that provides eight weeks of assistance to small businesses through 100% federally guaranteed loans to employers who maintain their payroll during this emergency. The U.S. Treasury Department, along with the Small Business Administration (SBA), are implementing this program.
Applications Available NOW
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
All Small Businesses Eligible
Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal businesses, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.
When to Apply:
Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
Where to apply:
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found on SBA's website here.
Click here for more information on the Paycheck Protection Program and the SBA's assistance to small businesses. Additional resources for small businesses can be found on Congressman's Wilson's website by clicking here.
If you or your family have concerns about the coronavirus, please visit the CDC's website or call 1-800-CDC-INFO.