Coronavirus loan guide created to help small businesses

The U.S. Chamber of Commerce has created a guide to help small businesses, 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 uschamber.com/sbloans

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.

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.