Updated Information Based on Federal Relief Efforts:
On Friday the CARES Act was signed by the President. The CARES Act provides over $350+ billion in Federal support for small business.
We have done our best to include our initial read on the law in this link.
Google Slides gener8tor CARES Act Deck: https://docs.google.com/presentation/d/1LA_zk4vAedv-xIS37su3mxNnJmjou_S-bYT3d76NhaA/edit?usp=sharing
Our advice is for all small businesses negatively impacted by the crisis to consider applying for the SBA Disaster Loan as soon as possible. Notably, the CARES Act includes an emergency grant (forgivable loan) of up to $10,000 under the SBA Disaster Loan that has to be processed within 3 days of the SBA receiving the application.
If a small business has already applied for an SBA Disaster Loan prior to March 30th, you will need to apply again via the new online application to be eligible for an emergency grant of up to $10,000.
We hope and anticipate the Federal government will issue guidance further interpreting the CARES Act. Notably it is not yet clear how small business owners can leverage both the SBA Disaster Loan and Paycheck Protection Program offerings. We will update our deck and this post as that information becomes available.
Special thanks to our legal team from the UW Law & Entrepreneurship Clinic, Ellie Pearl and Gabrielle Kiefer, for their help in making this deck.
The first step for all small businesses is to apply for the SBA Disaster Loan to be eligible for an emergency grant of up to $10,000 through this link even if that business has already applied for an SBA Disaster Loan prior to March 30th!