Small Business Relief from the CARES Act
Many businesses are considering these programs in order to help them financially during the closure. We are working to stay abreast of current developments regarding available programs. As we learn more about these programs we will continue to share details with you.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act just passed by Congress includes over $350 billion to help small businesses impacted by the pandemic. The bill includes two programs administered through the U.S. Small Business Administration (SBA).
Economic Injury Disaster Loan (EIDL): The SBA's EIDL program provides small businesses with working capital loans of up to $2 million including grants up to $10,000.
Paycheck Protection Program (PPP): Federally guaranteed loans up to $10M designed to provide a direct incentive for small businesses to keep their workers on payroll. SBA will forgive loans up to the amount spent depending on use of funds.
International Council of Shopping Centers (ICSC): The ICSC advocates on behalf of the retail and real estate industry and is actively monitoring the novel coronavirus on behalf on the industry. General Resources and Information for Retailers and Landlords can be found below.
Financial Relief Opportunities for Small Businesses Webinar
Brookfield Properties Retail, our partners in MDDA, hosted a webinar titled “Financial Relief Opportunities for Small Businesses,” presented by Covington. For your convenience, the video to the one-hour presentation is below. You are encouraged to listen, as it may be helpful in your understanding of the two major federal programs available to our local retailers.
This webinar was produced by third parties, and MDDA does not guarantee the accuracy of the information presented. It should not be construed as legal advice.