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Coronavirus Small Business Emergency Loans Available

The Tire Retread & Repair Information Bureau (TRIB) shared the following information with its members on March 31:

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As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress has approved $350 billion in emergency loans for small businesses and self-employed Americans in businesses with fewer than 500 employees.

Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

The U.S. Chamber of Commerce has created a publication outlining the eligibility requirements, maximum loan amounts, and information about loan forgiveness. You can view that document here and you can apply for loans through the Small Business Administration here.

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