This situation has been a whirlwind for all of us. For eligible small businesses, there is aid available in the near future.
On Friday, President Trump signed into law the CARES Act which has several significant provisions for small businesses. Most notable is the Paycheck Protection Program.
Title 1 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act is the Keeping American Workers Paid and Employed Act, which provides relief for small businesses and their employees who are adversely affected by the outbreak of COVID-19.
The main provision is the “Paycheck Protection Program,” which is an emergency lending program that will be administered by the SBA. This program is to provide small businesses who are impacted by the current economic uncertainty with loans which have very favorable terms to the borrowers.
This program, at $349 billion in lending capacity, is the vast majority of small business assistance..
A broad summary from the Committee on Ways and Means can be found here – https://gop-waysandmeans.house.gov/the-senate-cares-bill-helping-small-business/