CARES Act Information

CARES Act

Congress passed the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act for short.

The following questions might help point you to the program that will meet your needs.

Do you need...

  • Capital to cover the cost of retaining employees? Then the Paycheck Protection Program might be right for you. 
  • A quick infusion of a smaller amount of cash to cover you right now? You might want to look into an Emergency Economic Injury Grant. 
  • To ease your fears about keeping up with payments on your current or potential SBA loan? The Small Business Debt Relief Program could help. 

Paycheck Protection Program:

  • The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The Small Business Association (SBA) will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

  • This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), 501(c)(3) non-profit organizations, 501(c)(19) veterans organizations, or Tribal businesses (see sec. 31(b)(2)(C) of the Small Business Act) affected by coronavirus/COVID-19.

  • Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers.

  • Senator Merkley’s office has compiled a list of banks accepting applications for the Paycheck Protection Program. Click Here to Access the List

Emergency Economic Injury Grant:

  • The Economic Injury Disaster Loan Emergency Advance will provide up to $10,000 of economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application.

  • The Economic Injury Disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid. 

  • The Economic Injury Disaster Loan Advance is available for non-profits to apply.

  • To apply for a COVID-19 Economic Injury Disaster Loan and loan advance, click here.

  • If you applied for the Economic Injury Disaster Loan program BEFORE March 30, you are asked to reapply due to changes resulting from the passage of the CARES act.

As part of the Small Business Association's debt relief efforts:

  • The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.

  • The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020

QUESTIONS? Contact Sarah Moehrke, Community & Economic Development Assistant by Email or by Phone: 541-991-8276