The US Senate has just approved the stimulus package, which includes help for small business owners with economic issues caused by the coronavirus.
This SBA loan (called Paycheck Protection Program) is a great deal for small businesses, as the portion that you use on payroll, rent, and utilities, for 8 weeks, will be forgiven. You can apply for this loan at any bank that already supports SBA 7(a) loans, which includes most banks and some credit unions. The loan will be available on April 3, 2020.
You will need to provide them with last year’s Balance Sheet and Profit and Loss statement, as well as statements for the first quarter of this year. Contact your bookkeeper if you need help obtaining these documents.
To find more details about this very attractive loan, go to this article: https://www.venable.com/insights/publications/2020/03/the-cares-act-what-you-need-to-know-about
To find a sample application go to the SBA website https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp