Sudden changes in the world and in the economy due to COVID-19 are prompting businesses to act fast in ensuring they maintain capital and employees. Businesses of all sizes can benefit from new and revised government programs that assist in securing loans or grants. Small businesses and startups may find some support in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This program, recently passed by the government to combat the economic impact of the virus, will be particularly important in sustaining business through this crisis.

However, available funding will only last as long as money is still available. As Matt Conrad, an economic development consultant with Stimulus LLC, states, “Entrepreneurs looking to take advantage of the CARES program need to ACT NOW. It is very likely that the funding will be allocated with the next 7-10 days so people waiting to apply will be too late.”

Owners of start-ups and small businesses should take immediate action to learn how applying for these loans may benefit them. With the CARES Act, small businesses with 500 employees or less may be eligible for forgivable loans, provided workers are still employed through June. This provision, entitled the Paycheck Protection Program, can provide incredible advantages to business owners who may be able to avoid going through the Small Business Administration (SBA) by receiving authorization from their bank. That being said, SBA is offering other forms of assistance to help those in need of COVID-19 relief, such as the Economic Loan declaration.

Widespread need for assistance puts these loans provided in the CARES Act in high demand. In order to provide the necessary information and tools for small businesses to respond quickly to these loans, we have compiled a list of additional vital resources with information on how to navigate this time. We at the Foundry are eager to assist you and ensure that you stay well-informed on all the ways help is offered.

To learn more about the CARES Act and how to combat COVID-19 losses, follow the links below:

https://www.purdue.edu/newsroom/releases/2020/Q2/boiler-maker-team-begins-producing-medical-supplies.html

Coronavirus Information and Resources for VCs and Startups

Coronavirus Aid, Relief, and Economic Security Act: What Small Businesses Need to Know

What’s Inside The Senate’s $2 Trillion Coronavirus Aid Package

COVID-19 Preparation Tips for Startups

Venture Club of Indiana: How will COVID-19 Impact Venture Capital & Startups

Billionaire Mark Cuban on COVID-19 Crisis: This is the time to care for employees, not stakeholders The Indiana SBDC Small Business COVID-19 Resource Guide

Forbes’s List Of Coronavirus (COVID-19) Small Business Relief Programs

Paycheck Protection Program FAQs for Small Businesses

Writer: Ashley Fritz