CARES Act Resources Available for Business Owners

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There have been many updates and changes since the spread of the coronavirus. Agencies around the country are working on providing resources for businesses. As we all work to protect our health and follow the health guidelines of local, state, and federal officials and health personnel, Sunizo Superior Realty Management is gathering information to assist our tenants through this time.

CARES Act

On March 27th, 2020, the CARES Act was signed into law. This provides resources for businesses that qualify based on their circumstance.

The U.S. Senate Committee on Small Business & Entrepreneurship provided information about the CARES Act here:

https://www.sbc.senate.gov/public/index.cfm/guide-to-the-cares-act

They also created a guide called “The Small Business Owner’s Guide to the CARES Act”:

https://www.sbc.senate.gov/public/_cache/files/2/9/29fc1ae7-879a-4de0-97d5-ab0a0cb558c8/1BC9E5AB74965E686FC6EBC019EC358F.the-small-business-owner-s-guide-to-the-cares-act-final-.pdf

Here are key points they provided in the guide.

  1. Program Availability
    1. Look to your local Small Business Administration for updates on programs available for your business; your local office can be found here:
    2. https://www.sba.gov/localassistance/find/?type=SBA%20District%20Office&pageNumber=1
  2. Employees
    1. If you retain employees, you could qualify for the Paycheck Protection Program Loans that will be available through June 30, 2020.
  3. Immediate Need for Cash
    1. If you are in need of cash, you can look into Economic Injury Disaster Loans and Emergency Economic Injury Grants.
  4. Current SBA Loan Concerns
    1. If you have concerns about your current SBA loan, you may want to research the Small Business Debt Relief Program.
  5. Business Counseling
    1. According to the U.S. Senate Committee on Small Business & Entrepreneurship, there are free counseling services available through the Small Business Development Center (SBDC), Women’s Business Center (WBC), or SCORE mentorship chapter. You can find more information here:
    2. https://www.sba.gov/local-assistance/find/

There are many agencies monitoring these updates including your local chamber of commerce. It is important to stay-up-to-date on these programs if you are interested in utilizing them.