Navigating CARES Act Loans for Small Businesses


One of the main features of the Coronavirus Aid, Relief and Economic Security (CARES) Act is its allocation of disaster loans to small businesses adversely affected by COVID-19.

Signed into law March 27, the CARES Act will distribute nearly $350 billion in federal small business loans through the Paycheck Protection Program. This provision is separate from economic injury and disaster loans provided by the Small Business Administration.

The SBA states, “Small businesses and other eligible entities will be able to apply if they were harmed by COVID-19 between February 15, 2020 and June 30, 2020. This program would be retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls. Loans are available through June 30, 2020.”

In an effort to help independent home improvement retailers navigate the process, Hardware Retailing has compiled helpful resources from the SBA and other sources.

Small Business Guide to Emergency Loans

Provided by the U.S. Senate Committee on Small Business and Entrepreneurship, this document gives a comprehensive tutorial of the portions of the CARES Act most important to small business owners.

Simple Overview of the CARES Act

Are you eligible? How much can you borrow? Will this loan be forgiven? Get answers to your biggest CARES Act questions from the U.S. Chamber of Commerce.

Castle Wealth Advisors Overview of the CARES Act

Certified financial planner Gary Pittsford offers a thorough analysis of what the CARES Act means for small business owners.

Paycheck Protection Program Worksheet

Download an Excel spreadsheet to plan how the Paycheck Protection Program will affect your bottom line.

Paycheck Protection Program Application Form

Begin the process for your business to receive financial assistance through the Paycheck Protection Program.

Protect Your Business

Hardware Retailing is committed to helping independent home improvement businesses during COVID-19. For more news and resources, visit the dedicated COVID-19 page.

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