CARES Act Information
The CARES Act Includes:
Paycheck Protection Program (PPP) Loans: Provide capital to cover the costs of retaining employees, such as for salary and wages, healthcare benefits, sick time, retirement benefits and more.
Loan Forgiveness: SBA will forgive the principal amount of PPP Loans that a lender reasonably expects a borrower will expend during the 8-week period beginning on the date of origination for the loan on the sum of certain (a) payroll costs, (b) mortgage interest, (c) rent obligations and (d) utility payments.
Economic Injury Disaster Loans (EIDL) and Emergency Economic Injury Grants (EEIG): Provide loans and grants to small businesses and private nonprofits harmed by COVID-19.
Training and Counseling: Resource partners across the country may receive extra funds to help support small business owners with free counseling and low-cost training regarding COVID-19.
Disclaimer: This information has been provided as an informational resource for its clients and business partners. It is intended to provide general guidance on potential exposures, and is not intended to provide medical advice or address medical concerns or specific risk circumstances. Due to the dynamic nature of infectious diseases, Granite Insurance Brokers I E-COMP cannot be held liable for the guidance provided. We strongly encourage visitors to seek additional safety, medical and epidemiologic information from credible sources such as the Centers for Disease Control and Prevention and World Health Organization. In regards to insurance coverage questions, whether coverage applies or a policy will respond to any risk or circumstance is subject to the specific terms and conditions of the policies and contracts at issue and underwriter determinations.