Alexandria Business To Benefit From CARES Paycheck Protection Program

The COVID-19 pandemic has businesses in Alexandria scrambling financially and as such these businesses are urged to apply for the Coronavirus Aid, Relief and Economic Security (CARES) Act's 100% forgivable Paycheck Protection Program (PPP) loan. The CARES Act program was implemented by the Alexandria Development Partnership and it offers small businesses with financial assistance during this pandemic. The financial options available under the CARES Act program include:

• The Economic Injury Disaster Loans (EIDL) Program - this small business Administration program provides an emergency $10,000 grant or small businesses within three days of applying for a disaster loan. Businesses will not be required to repay the $10,000 grant.
• New Paycheck Protection Program (PPP) - this loan is 100% guaranteed by the Federal government and it will assist small businesses to meet their operating needs including payroll for 8 weeks.
• Small Business Debt Relief Program - this loan will provide relief to small businesses as they may be unable to repay their non disaster SBA loan and microloans.
• Employee Retention Payroll Tax Credit - this will provide a fully refundable 50% credit on the employer's share of payroll taxes on wages of up to $10,000 per employee.
• Delayed Payment of Employer Tax Credit - this will defer payment of employer payroll taxes through the end of the year.

Local businesses can apply for these grants by filling out the application provided by the Small Business Administration and submit the application to their bank. This pandemic affects everyone alike and the Small Business Administration in Alexandria is urging all local businesses to apply for the program and get the financial relief they need.

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