From the U.S. Chamber:
The Coronavirus Aid, Relief, and Economic Stimulus Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn.
Known as the Paycheck Protection Program – – the initiative provides 100% federally guaranteed loans to small businesses.
These loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
The administration soon will release more details including the list of lenders offering loans under the program.
In the meantime – the U.S. Chamber has issued this guide to help small business and self-employed individuals prepare to file for a loan.