Congresswoman Mikie Sherrill's C.A.R.E.S. Act Announcement

THE C.A.R.E.S. ACT & SMALL BUSINESSES:

On March 27, 2020, the House passed and the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which included: 

•$350 billion in loan forgiveness grants to small businesses and non-profits to maintain existing workforce and help pay for other expenses like rent, mortgage, and utilities. 

•$10 billion for Small Business Administration (SBA) emergency grants of up to $10,000 to provide immediate relief for small business operating costs. 

•$17 billion for SBA to cover 6 months of payments for small businesses with existing SBA loans. 

The CARES Act tasks the U.S. Small Business Administration with overseeing the distribution of millions of dollars in loans and grants to help small businesses survive the pandemic. It also provides additional funding for SBA’s Resource Partners to provide advice and training to help small businesses respond to the unprecedented challenges in communities throughout the country.

We are awaiting guidance from the Small Business Administration on these programs. Below are a guide to the CARES Act for Small Businesses and an SBA CARES Act Flow Chart. This page will be updated as more information is available. If you have any questions, please reach out to our office at 973-526-5668.

 

The Small Business Owner’s Guide to the CARES Act.pdf <https://sherrill.house.gov/sites/sherrill.house.gov/files/wysiwyg_uploaded/The%20Small%20Business%20Owner%E2%80%99s%20Guide%20to%20the%20CARES%20Act.pdf>

 

CARES SBA Flow Chart.pdf <https://sherrill.house.gov/sites/sherrill.house.gov/files/wysiwyg_uploaded/CARES%20SBA%20Flow%20Chart.pdf>