Economic relief for business owners
The CARES Act was signed into law on Friday, March 27, and provides for several programs to help businesses, employees, hospitals and government in response to the coronavirus outbreak. We recommend that you consult with your trusted financial professional and/or lawyer, as this is a complex process.
This blog by RSM McGladrey provides a good summary of the available options. You can also refer to the U.S. Department of the Treasury or the Indiana Small Business Development Center provide guidance on accessing assistance such as the Economic Injury Disaster Loan Program as well as general crisis response.
The three options are:
The Economic Injury Disaster Loan Program makes low-interest loans available to small businesses, small agricultural cooperatives and non-profits to pay for costs such as payroll, debt and other costs incurred by the coronavirus response. Here’s a handy guide on how to apply.
The Paycheck Protection Program provides loans, backed by the federal government, that can be obtained from financial institutions that can be used to cover payroll costs.
Businesses with 500 to 10,000 employees can access a relief program in the form of low-interest loans to cover losses incurred by the coronavirus response.
Again, consult with your financial advisor/accountant or a lawyer as you engage in this process.
The Indiana Arts Commission has launched the Indiana Arts Emergency Relief Fund. More than $1 million is available to arts and humanities organizations in the state. The online application process starts here.
More Business Resources can be found here