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Small Business Relief from the CARES Act

The new Coronavirus Aid, Relief, and Economic Security (CARES) Act has appropriated $376B in funds for small businesses.  To help you understand and act on the two new relief options under the CARES Act, we’ve broken down the two programs, both administered through the U.S. Small Business Administration (SBA).

Additional Highlights from the CARES Act

$300B in relief for you and your customers

American singles making $99k or less, or households making $198k or less, should see funds in as soon as 3 weeks.

Businesses are getting a tax break

Business and income taxes should be deferred, and if you’ve fixed up your store over the last 2 years, it should be easier to write off that expense.

Additional support for our communities

There should be vastly expanded unemployment benefits, support for our healthcare system, and more.

Understanding the new loans

You can most likely apply for both EIDL and PPP loans as long as they do not pay for the same expenses. Before taking one or both, talk to your lender or a financial advisor.

The overall package is pending further guidance from the Small Business Administration (SBA), but there are steps you should likely take now. The information summarized below is for informational purposes only. Your specific circumstances may affect your loan eligibility to pursue these options, and you should seek personalized advice from your lender or qualified professionals.

Option One

Get a $10,000 advance in 3 days or less

The Economic Injury Disaster Loan (EIDL) is an emergency program offering small business loans up to $2M (with an interest of 3.75%). It also includes a grant for eligible businesses to receive a cash advance of up to $10,000 that you’re not required to repay.

Option Two

Get 8 weeks of operating expenses back

The Paycheck Protection Program (PPP) offers approved business owners 100% federally guaranteed loans up to $10M (with an interest rate of 1.00%) and forgives up to the amount spent on certain operating expenses (including payroll, rent, and utilities) during the first 8 weeks after loan origination. At least 75% of the loan proceeds must be spent on payroll costs and at least 75% of the forgiven amount must be for payroll costs. Any non-forgiven amounts can be deferred by 6-12 months (with interest accruing during deferment).

Option One

Economic Injury Disaster Loan (EIDL)

Smaller businesses who require less cash

Loans are available up to $2M per business. You may want to consider this option if you have high additional costs to cover in addition to payroll.  You can qualify for up to $200k without a personal guarantee.

Businesses who need immediate cash

If the 3-day $10,000 disbursement will help you pay payroll, provide sick leave, or finance debt, you may want to consider this option.

  • Across all 50 states, any business with less than 500 employees or which meets the SBA’s size standards who has been operating since Jan 31, 2020 and has been adversely impacted by COVID-19 should be eligible for the $10,000 grant. Certain restrictions may apply.
  • Borrowers should be able to apply for an EIDL loan in addition to a loan under the Paycheck Protection Program, provided the loans are not used for the same purpose, including for payroll costs, rent or utilities.
  • Also, if you’ve received the EIDL advance of up to $10,000, that amount will likely be subtracted from the amount forgiven under PPP.
  • Under the CARES Act, loans up to $200,000 can be approved without a personal guarantee.
  • No collateral should be required for loans up to $25,000.  For loans exceeding $25,000, general security interest in business assets will likely be used for collateral instead of real estate.
  • Under the CARES Act, the requirement to show that you could not receive funding from another lending institution has been waived.
  • The advance application is available online through the SBA’s application portal.
  • If you have previously applied under the old application form, you’ll need to reapply for the advance now that the system is updated with a streamlined application.
  • The application deadline is December 31, 2020.
  • We anticipate that there will be high demand for these loans and they will be granted on a first-come, first-served basis, so if you are interested, we recommend that you apply as soon as you are able.

You should just need your credit score and the new self-certification form—no tax returns required.

The $10,000 grant will be administered within approximately 3 days of submitting your application. Additional loan relief is being offered on a first come, first serve basis to businesses across all 50 states, so you may see longer wait times for loans.

Option Two

Paycheck Protection Program (PPP)

Medium-sized businesses who need more cash

The maximum loan amount under PPP is the lesser of $10M per business or 250% of the average monthly payroll costs* during a covered period**, while the EIDL program is capped at $2M.

Businesses with high payroll costs

A business with high payroll costs* may be able to take out a larger loan, and can possibly get 8 weeks of most operating expenses back, subject to possible reductions, if any (see Who’s eligible?).

* Payroll Costs consist of:

1. Compensation to employees (whose principal place of residence is the U.S. but excluding independent contractors) in the form of salary, wages, commissions, or similar compensation (capped at $100K on an annualized basis for each employee);
2. Cash tips or equivalent;
3. Payment for vacation, parental, family, medical, or sick leave;
4. Allowance for severance/separation or dismissal;
5. Payments required for the provisions of group health care benefits including insurance premiums;
6. Payment of any retirement benefit; and
7. Payment of state and local taxes assessed on employee compensation.

For an independent contractor or sole proprietor, Payroll Costs consist of: Wage, commissions, income, or net earnings from self-employment or similar compensation.

** Per the Treasury’s guidance: In general, borrowers can calculate their aggregate payroll costs using data either from the previous 12 months or from calendar year 2019. For seasonal businesses, the applicant may use average monthly payroll for the period between 2/15/2019, or 3/1/2019, and 6/30/2019. An applicant that was not in business from 2/15/2019 to 6/30/2019 may use the average monthly payroll costs for the period 1/1/2020 through 2/29/2020. 

Borrowers may use their average employment over the same time periods to determine their number of employees, for the purposes of applying an employee-based size standard. Alternatively, borrowers may elect to use SBA’s usual calculation: the average number of employees per pay period in the 12 completed calendar months prior to the date of the loan application (or the average number of employees for each of the pay periods that the business has been operational, if it has not been operational for 12 months).

  • Any business that has been operating on February 15, 2020 (i) with less than 500 employees (including FT and PT employees), (ii) which meets the SBA’s industry based size standards or the alternative size standard*, or (iii) in the hospitality/food services industries with more than one physical location so long as there are no more than 500 employees per physical location. The business must either have had employees for whom it paid compensation and payroll taxes or have paid independent contractors, as reported on a Form 1099-MISC.  Certain restrictions may apply including, among others, if you have affiliates or outside investors, except affiliate rules are waived for any business operating as a franchise that is assigned a franchise identifier code by the SBA (e.g., for such identified franchise, a franchisor or any franchisee meeting one of the foregoing eligibility requirements may apply for a PPP loan).
  • Any individual who operates under a sole proprietorship or as an independent contractor or eligible self-employed individual and who was in operation on February 15, 2020 may also be eligible for the PPP loan.
  • Any borrower that receives a PPP loan should be eligible for loan forgiveness. The amount of forgiveness is reduced proportionally by any decrease in total employee compensation (excluding employees with annualized compensation over $100K during 2019) exceeding 25% or in average monthly number of FTE employees during the first 8 weeks of the loan relative to a recent comparison period. Companies can correct past reductions in payroll by rehiring or remedying compensation by June 30, 2020 to receive full loan forgiveness.
  • If you received an EIDL loan from January 31, 2020 through April 3, 2020, you can apply for a PPP loan.
  • If you’ve received the EIDL advance of up to $10,000, that amount should be subtracted from the amount forgiven under PPP.  You can take out a state bridge loan and still be eligible for the PPP loan.
 A business that meets both tests in SBA’s “alternative size standard” as of March 27, 2020:
1. Maximum tangible net worth of the business is not more than $15 million; and
2. The average net income after Federal income taxes (including any carry-pver losses) of the business for the two full fiscal years before the date of the application is not more than $5 million.
  • No collateral or personal guarantee should be required and there should be no requirement to show that you were not able to obtain credit elsewhere.
    • As of April 3, 2020, you can apply directly with any number of SBA-approved lenders, including any federally insured depository institution, federally insured credit union, and Farm Credit System institution, that is participating in the PPP (see the most active SBA lenders and use the SBA’s lender match tool). The number of available lenders is expected to increase to meet the demand.
    • Talk to your current lenders (or to an SBA-approved lender) as soon as possible to understand the requirements. Many banks are SBA-approved lenders, and if you have an account or an existing small business banking relationship with them, it may expedite your verification process. If you wish to begin preparing your application, you can review the application form to see the information that will be requested from you.
    • The application deadline is June 30, 2020.
    • We anticipate that there will be high demand for these loans and, although applications will be accepted through June 30, 2020, they will be granted on a first-come, first-served basis, so if you are interested, we recommend that you apply as soon as you are able.

Per the latest SBA guidance, the following documents and information are required, however, as guidance and process continues to be ironed out, the lender processing your application will be best positioned to provide more details on what’s needed.

For Loan Application

  • Application form (which contains the borrower certifications)
  • Details of any SBA Economic Injury Disaster Loan (EIDL) received between January 31, 2020 and April 3, 2020
  • List of affiliates (if the business or any owner of the business is an owner of any other business or under common management with any other business)
  • Documents supporting eligibility: (1) documents showing that the business was in operation as of 2/15/2020 and (2) documents showing that the business either had employees for whom it paid salaries and payroll taxes or paid independent contractors, as reported on a Form 1099-MISC, in each case on or around 2/15/2020 (such as payroll processor records, payroll tax filings, or Form 1099- MISC, or income and expenses from a sole proprietorship (and if such documentation is not available, other supporting documentation, such as bank records, sufficient to demonstrate the qualifying payroll amount)).
  • Documentation supporting the payroll costs used to calculate the loan amount.

For Loan Forgiveness Application

  • Documentation/records showing use of proceeds for payroll costs.
  • Documentation verifying the number of full-time equivalent employees on payroll as well as the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the 8-week period following the loan must be provided to the lender.

Loans from the SBA have historically taken about 45 days, but we’re hopeful that funds will be distributed mush faster. The CARES Act is removing steps to help expedite relief, including allowing approved lenders to make decisions on applications without having to go back to the SBA for approval. The SBA is also bringing on new lending partners to help with quicker fund dispersal.  For loan forgiveness, lenders must issue a decision within 60 days of receiving the loan forgiveness application.

Visit this FAQ page for the Treasury’s most current information on PPP loans.

SBA Loan Guidance and Resources

Visit The Small Business Administration (SBA) for updated guidance and resources.


Other helpful SBA links:

View other Coronavirus relief options

View the most active SBA lenders and use the SBA’s lender match tool to find a lender.

Find your local SBA District Office

Business Resources by State

See a list of state, local and private resources available to small businesses. This list should be continuously updated as new programs and information become available.

downloadable Excel sheet

If you have additional questions, please reach out to our Leasing department at

This information is intended to be a brief summary of information available from third parties including, but not limited to, the U.S. Department of Treasury and the U.S. Small Business Administration. Due to the evolving nature of items discussed herein, readers should check the accuracy of the summaries provided prior to taking any action.  This information is not intended as financial, legal, or tax advice. Readers should seek specific financial, legal, and/or tax advice from a qualified professional before acting with regard to the subjects mentioned herein.  See Terms and Conditions.