CARES FAQ For Employers

This lawyer's site has an extensive FAQ. Paymyemployees.info is simply meant as a quick starting point.

How much can I borrow and be forgiven?

You can borrow up to $10 million under the new Paycheck Protection Program. The amount of the loan that you use for eligible salaries, rent, mortgage interest, and utility bills will be forgiven.

When can I expect to receive the money from the loan?

No one knows yet. Probably on the order of a week or two. It will depend on the Small Business Administration's efforts to publish guidance along with your individual lender's loan practices. The SBA Lender Match tool currently advises 48 hours to match a business with a lender (more on Lender Match below).

What happens after 8 weeks?

Currently there is no forgiveness program extension beyond the initial eight week period. However, the program may be extended by the government with further legislative action.

Can I receive more money after the initial loan?

Most likely yes; however, it may not be eligible for forgiveness under the Paycheck Protection Program. Talk to your lender, accountant, and legal counsel for further information.

Aren't there a lot of stipulations and restrictions on SBA loans?

The CARES Act lifts many stipulations, restrictions, and limits on SBA loans. Please read the extensive FAQ on the linked lawyer's site at the beginning of this article.

How do I get started with a loan application?

Visit the SBA web site and use the Lender Match tool, a free online referral tool that connects small businesses with participating SBA-approved lenders within 48 hours.

What are the other CARES Act benefits for employers?

You can find a brief list of other CARES Act benefits here

My employees are not that highly paid. I think they would make more on unemployment because of the extra $600/week from the government.

You should make sure that's the case by talking with an employment lawyer.