U.S. Chamber creates coronavirus loan guide to help small businesses

Press release

WASHINGTON, D.C. — The U.S. Chamber of Commerce has created a guide to help small businesses, independent contractors and gig economy workers prepare to file for a coronavirus relief loan under the  Coronavirus Aid, Relief and Economic Security — CARES — Act.

The U.S. Chamber’s Coronavirus Small Business Guide, available at http://uschamber.com/sbloans , outlines the steps small businesses should take now and prepare to access much-needed funds to help keep their workers on the payroll during this disruptive period. Further guides will be developed as the CARES Act becomes implemented.

“The U.S. Chamber of Commerce is working with state and local  chambers across the country to provide businesses with the information they need to stay afloat and keep people employed during the  pandemic,” U.S. Chamber of  Commerce President Suzanne Clark said. “This comprehensive guide ensures small business owners fully understand what aid is available to them and how to access those funds as quickly as possible. We remain committed to  ensuring no family or business goes bankrupt due to financial  hardships associated with the coronavirus.”

Additionally, to help small businesses, the U.S. Chamber of Commerce has compiled an interactive map to show the aid available to them on a  state-by-state basis available at https://www.uschamber.com/article/how-small-businesses-will-benefit-the-coronavirus-aid-relief-and-economic-security-cares-act .

U.S. Small Business Administration also has information on assistance available at https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources .

Last week, Congress passed the CARES Act, which 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 percent federally guaranteed loans to small businesses that maintain their payroll during this emergency.

Furthermore, these loans may be forgiven if borrowers maintain their payroll during the crisis.

The U.S. Chamber of Commerce is committed to helping American businesses respond to the coronavirus so they can support their employees, customers and communities. Our members and the state and local chambers, who are on the front lines of this pandemic, need us now more than ever to help them through this significant disruption.

The Chamber we will continue working every day to help the country’s people, businesses, and economy weather this storm and emerge stronger — just as we have at other challenging times in our nation’s history. Visit http://uschamber.com/coronavirus, for more information.