The federal CARES act offers numerous relief avenues for our small businesses. The two loan programs, the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) offer the opportunity for both grants and loans. The main objective, especially of the PPP loan, is to encourage businesses to keep their employees on payroll during this crisis and/or to bring them back to reopen their shops and restaurants as soon as is allowed.
Sue Gillingham, Executive Director of the Chamber of Commerce, has created a short video (under 8 minutes) that provides the highlights of these two loan programs.
The application processes have been streamlined and businesses should only take about fifteen minutes to complete the online paperwork. Businesses should contact their lender for the PPP loan, and go online to the SBA to apply for an EIDL loan at https://covid19relief.sba.gov/#/.
The Chamber of Commerce staff members are working remotely and available to help. Contact Sue@CoronadoChamber.com with questions.