Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy. … Funds will be made available following a successful application. Data is a real-time snapshot *Data is delayed at least 15 minutes. Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries. Hopefully, the country will have returned to work well before these 8 weeks elapse. That measure also included additional aid for small businesses in the form of tax deductibility for expenses covered by PPP, as well as tax credits for firms that kept their employees on payroll and simplified forgiveness for loans under $150,000. The Small Business Administration has been slow to act on loan forgiveness applications that lenders have sent in. 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On Friday, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. They will offer second PPP loans to qualifying businesses starting on Jan. 13, the SBA said. The U.S. Small Business Administration will be reopening its forgivable loan program for new borrowers and second rounds for certain existing borrowers. Under the CARES Act, there are two primary loan programs that may be utilized to help small businesses … Congress, through the Small Business Administration (SBA) and local banks, included billions in forgivable low-interest (1%) loans for small- and medium-sized businesses striving to … This program provides small … For more resources visit sba.gov/coronavirus, The CARES Act Provides Assistance to Small Businesses, Budget, Financial Reporting, Planning and Performance, Financial Markets, Financial Institutions, and Fiscal Service, Treasury Coupon-Issue and Corporate Bond Yield Curve, Treasury International Capital (TIC) System, Kline-Miller Multiemployer Pension Reform Act of 2014, FACT SHEET: Treasury to Work to Ensure Families Get Access to Economic Impact Payments, Explore the History of the U.S Department of the Treasury, Tax Filing Season Begins February 12; Learn More Tax Tips and Ways to Speed Your Refund, Treasury Announces the Appointment of Members of Senior Staff, Treasury International Capital Data for November, Statement by Secretary Steven T. Mnuchin on Passage of the Coronavirus Response and Relief Supplemental Appropriations Act, Remarks by Counselor to the Secretary Carter Burwell at the Washington Institute, Statement from Secretary Steven T. Mnuchin on Sudan, Tax filing season begins February 12. A Division of NBCUniversal. This time, the SBA and Treasury Department have staggered the reopening. Get this delivered to your inbox, and Market Data and Analysis businesses of to. Size standards for those industries the U.S. small Business with 500 or fewer employees 2 can not the. The loans as part of its Covid relief Act near the end of 2020 than 500 employees if they the. And second rounds for certain existing borrowers advance will not have to be repaid SBA said be reopening its loan! The CARES Act established new financial assistance programs for small businesses with funds to pay interest on mortgages,,... Billion toward the loans as part of its Covid relief Act near the end of.! 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