The federal government has recently enacted two pieces of legislation to help small businesses weather the COVID-19 crisis, including the CARES (Coronavirus Aid, Relief, and Economic Security) Act passed on March 25, which provides $349 billion in Small Business Administration (SBA) loans.

There are currently two types of loans available: Economic Injury Disaster Loans (EIDL) and Paycheck Protection Loans (PPP).

You can apply for both loans, but you can’t use funds from each loan for the same expenses such as payroll, rent, insurance, etc.

Here are 10 things you need to know about the loan programs:If you are a business with under 500 employees, you are considered a small business (with some exceptions) and can qualify for the loans.

The SBA is authorizing banks and other commercial lenders currently authorized to make SBA loans to originate and administer these new loans. | To read full story, visit https://startuparound.com/read/1585425708.5316036/Newly-Available-CARES-Act-Loans:-10-Things-Small-Businesses-Need-to-Know?ref=audio_experience