US Chamber of Commerce Provides Guide and Checklist for Small Businesses on Emergency Loans
The U.S. Chamber of Commerce has issued a loan application guide (PDF) to help small businesses and self-employed individuals check their eligibility and prepare to file for a loan under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Many companies in the electronic security industry are already feeling the blow of the current crisis and have begun applying for some of the $350 billion allocated to help small businesses keep workers employed during this time.
According to the Chamber’s document, “businesses can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating.”
The Chamber suggests that borrowers apply as soon as possible in light of the loan cap on the program.
Download and read the full Chamber guide here.
For industry-specific resources to aid in business responses to the climate created by COVID-19, visit ESA’s resource page at esaweb.org/covid-resources.