A substantial number of Illinois Review readers are small business people that may need information on how to access the federal government's $2.2 trillion relief package signed into law last week. The Federalist provides this quick review:
Included in the federal government’s $2.2 trillion relief package to blunt the economic damage caused by the Wuhan coronavirus pandemic is $300 billion in aid for America’s small businesses and their employees…
Small businesses that employ 500 employees or fewer are eligible for a 100 percent federally guaranteed loan through the Small Business Administration’s (SBA) Paycheck Protection Program. Businesses can borrow up to 250 percent of their average monthly payroll expenses, up to a total of $10 million. If they keep all of their employees, the entirety of the loan will be forgiven, effectively making the loans into grants.
More details on how to apply, whether or not you're eligible and other important factors are included. Worth the time to check out. HERE: The Federalist
A sample application form is HERE
