CARES Act May Help Employers Pay For 8 weeks Of Payroll, Rent, Utilities

The CARES Act provides for a loan of up to 2.5X your average monthly payroll to basically help pay for 8 weeks of payroll, healthcare, rent and utilities – you need to talk to your bank:

The SBA disaster loan is still in place for up to $2M loans, but the newly-passed CARES act created a new loan up to $10M that can be partially or fully forgiven. To qualify you must be less than 500 people domestically.

In general, the amount that is forgivable is the amount that you spend on payroll, interest on mortgage debt, rent, and utilities over an 8-week period during this coronavirus crisis.  There will be many more details on exceptions and how to claim this forthcoming in future government regulation releases.

There are also much larger loans for companies between 500 and 10,000 employees that have significantly tougher restrictions, more information on those can be found here