There are two separate loan programs created by the CARES ACT signed by President Trump on March 26, 2020 specific for small businesses.
Emergency Injury & Disaster Loan (EIDL) and the Paycheck Protection Program (PPP)
EIDL – go to the www.sba.gov website and apply for this loan. If the funds are used for its intended purpose it will turn into a grant. At the end of the loan application (short) make sure you check the advance button to get the $10,000 advance very quickly deposited into your account.
PPP – This is a loan base on the company’s payroll costs and also converts to a grant if the funds are used as indicated in the CARES ACT. This loan must be obtained through your bank and it has a maximum amount of 2.5 X your payroll costs as defined in the act.
Contact Neil Shnider at https://theshnidergroup.com/online-training/ for further information or call 614-582-0108