The Small Business Owner’s Guide to the CARES Act

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Congress Passes Coronavirus Aid, Relief, and Economic Security (CARES) Act

As small businesses in the United States continue to be impacted by COVID-19, Congress successfully passed the CARES Act which is intended to assist business owners through various provisions. When implemented, there will be many new resources available for small businesses, as well as certain non-profits and other employers.

A guide has been complied to help provide information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA), as well as some additional tax provisions that are outside the scope of SBA.

Guide Topics

• Paycheck Protection Program Loans
• Small Business Debt Relief Program
• Economic Injury Disaster Loans and Emergency Economic Injury Grants
• Small Business Counseling
• Small Business Contracting
• Small Business Tax Provisions

See the Small Business Guide to CARES Act.

For more information visit: SBA

WNDD Announces Four-Month Grace Period On Business Micro-Loans

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On March 20, 2020, the Western Nevada Development District (WNDD) announced that it is extending a four-month grace period to businesses that are part of its Micro-loan program.

The WNDD provides short and long term, fixed rate, low interest loans to qualified borrowers interested in the creation of new small businesses or the expansion or retention of existing small businesses.

“We have a half-dozen businesses that have been using our program,” said WNDD President Roy Edgington, City of Fernley Mayor. “All are facing unprecedented challenges in the face of mandatory statewide business closures. This action is to reduce the stress and burden to make these loan payments when the flow of revenue has virtually stopped or been drastically reduced.”

The Micro-loan Program is designed to stimulate economic growth and create jobs. The Program provides affordable, non-conventional financing to eligible small businesses that are not able to receive funding elsewhere. Businesses receiving these funds will in turn be required to produce a sufficient number of net new jobs, or in the case of business retention, retain existing jobs.

“Once we clear the challenges presented by the COVID-19 pandemic, we will be ready to assist these and other businesses rebound through our Micro-loan Program,” Edgington said.

For more information contact: Sheryl Gonzales at: 775.473.6753 or SGonzales@WNDD.org.