CARES Act & Other Resources
As businesses of all kinds navigate the challenges presented by COVID-19, we have assembled informative resources that are available to help you during this difficult situation.
Significantly, the U.S. government is providing help for businesses through the Coronavirus Aid, Relief and Economic Security Act (CARES), plus new tax policies, and other programs. Other federal agencies, state resources, nonprofit organizations and private companies are also responding with financing help for businesses. We’ve compiled a list of resources below to help you find the best path for your business.
Update (April 24): The Paycheck Protection Program has added a second wave of funding, approximately $310 billion. Business owners should consider getting in touch with a PPP lender as soon as possible because these funds are expected to be depleted quickly.
According to the US Chamber of Commerce’s guidance on the CARES Act, the Paycheck Protection Program (PPP) provided $350 billion to help small businesses retain workers through an expansive loan program. A portion of these can be forgiven if businesses use them for eight weeks of eligible operating expenses.
Who’s eligible for PPP?
How it works
For more information on eligibility and how to apply, contact your lender.
The Federal Reserve is incrementally rolling out details on its new Main Street Lending Program to help small and midsize businesses impacted by COVID-19. The program will direct $600 billion in new financing for businesses.
Who’s eligible for Main Street Lending?
How it works
Macerich hosted an informational webinar to provide our retail partners with a better understanding of the CARES Act. The call, with comments by experts from PwC and USBank, provided valuable information about how to potentially access these loan programs, eligibility, and requested questions and answers.
Tenants may need to register before receiving access.
Update (May 4): The SBA closed the application portal for EIDL loans on April 15, and is now processing applications submitted before that date a first-come, first-served basis. Going forward, the most recent guidance is that the agency will accept new applications only for agricultural businesses.
The SBA’s Economic Injury Disaster Loan (EIDL) program was extended in March to apply to all small businesses impacted by COVID-19. The CARES Act goes further and makes it easier to apply for SBA loans and adds other benefits, too. As a borrower, you may also be able to get an emergency advance of up to $10,000 within days of applying for an EIDL.
How it works
For all assistance programs, it’s important to understand the fine print. Be sure to check with a financial advisor or lender before applying to better understand the details and how individual programs could fit with your specific business needs.
Updated as of May 19, 2020
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