CARES Act Information
This information was last updated: Thursday, May 21, 2020
The included documents are intended to provide guidance and does not constitute legal advice. It also does not replace official implementation guidance from the relevant agencies. All information on this page is gathered from federal agencies and state representatives.
For help with applications and more information, please contact:
SBA West Virginia District Office
Locations: Clarksburg | Charleston
WV Small Business Development Center
SBDC WVU Center: Sharon Stratton
Phone: (304) 293-5839 | Email: firstname.lastname@example.org
SBDC Morgantown Center: Frank Goldsborough
Phone: (304) 945-3040 | Email: email@example.com
West Virginia Banks
West Virginia banks that are participating in the SBA Paycheck Protection Program - View List as of 4/10/2020 ›
Coronavirus Aid, Relief, and Economic Security (CARES) Act: Small Business Provisions
The following information is pulled from Senator Caputo. Download to Print ›
The CARES Act would provide $377 billion to help prevent workers from losing their jobs and small businesses from closing their doors due to economic losses caused by the COVID-19 pandemic.
1. Paycheck Protection Program:
Paycheck Protection Program Resumed on Monday, April 27, 2020
The Paycheck Protection Program and Health Care Enhancement Act, which provides critical additional funding for American workers and small businesses affected by the coronavirus pandemic.
The bill provides 8 weeks of cash-flow assistance through 100 percent federally guaranteed loans to small employers who maintain their payroll during this emergency.
If the employer maintains its payroll, then the portion of the loan used to cover payroll costs, interest on mortgage on obligations, rent, and utilities would be forgiven.
The bill provides this support to small employers 500 employees or fewer, self-employed individuals and gig economy individuals, nonprofits and 501(c)(3) organizations and 50(c)(9) veteran organizations.
Loans will be available immediately through more than 800 SBA-certified lenders, including banks, credit unions, and other financial institutions.
The size of the loans will equal 250 percent of an employer’s average monthly payroll. The maximum loan amount is $10 million.
FAQs: Employee Retention Credit under the CARES Act
The Employee Retention Credit under the CARES Act encourages businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. Learn More
2. Emergency Economic Injury Disaster Loan (EIDL) Grants:
Notice: Lapse in Appropriations
SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. Applicants who have already submitted their applications will be processed on a first-come, first-served basis.
3. Small Business Debt Relief:
The bill would require the SBA to pay all principal, interest, and fees on all existing SBA loan products, including 7(a), Community Advantage, 504, and Microloan programs, for six months to provide relief to small businesses negatively affected.
The bill provides $265 million for grants to SBA resource partners, including Small Business Development Centers and Women’s Business Centers offering assistance those small businesses impacted by the coronavirus.
Relief for Nonprofits
The CARES Act contains several items that benefit the nonprofit sector. There are significant appropriations provided to benefit subsectors, such as hospitals, education, the arts, and transit systems. The Act includes loan relief, several payroll-related benefits, and a charitable contribution deduction incentive for individual and corporate donors.
Enhanced Debt Relief is also available in SBA’s other business loan programs to help small businesses overcome the challenges created by this health crisis.
For information on traditional SBA lending options, please click here.
SBA provides local assistance via 68 district offices and a nationwide network of resource partners. To find resources near you, please click here.