ANA director: CARES Act summary, Paycheck Protection Program update
Hope everyone is staying safe and healthy during these extremely difficult times.
On Friday the president signed the Coronavirus Aid, Relief and Economic Security Act (CARES ACT) into law. The CARES Act provides historic stimulus for small businesses. Most importantly, a portion of the loans available can be forgiven – turning them into grants. Please read the CARES Act summary from the News Media Alliance
Here’s what all small businesses need to know
• Companies with under 500 employees including sole proprietors, self-employed, independent contractors and nonprofits are eligible.
• The Paycheck Protection Program provides loans for 2 ½ months of payroll costs. A maximum loan of $10 million is available to each company.
• Loan proceeds must be used for payroll, insurance premiums, mortgages, rent, utilities and interest on debt.
• If the funds are used correctly, the loan will be forgiven – turning it into a grant.
• How to apply: Paycheck Protection Program loans are available through your local bank, not the SBA. Call your banker today to discuss this program.
Small Business Disaster Assistance Loans
• The loans offer up to $2 million in assistance for each affected small business.
• These loans can be used for: fixed debts, payroll, accounts payable, and other bills that can’t be paid as a result of the disaster’s impact.
• The interest rate will be 3.75% for small businesses. Terms for these loans will be determined on a case-by-case basis, depending upon the borrower’s repayment ability.
• How to apply: You are encouraged to apply for an SBA disaster relief loan through SBA’s website or you
An opportunity to help each other out with Idea and Content Sharing
In these difficult times we want to provide an opportunity for members to share their revenue ideas and timely editorial content with the rest of the Association.
Advertising – If you have a great revenue idea you’ve employed recently and want to share it, please email Tim Thomas at firstname.lastname@example.org for the details. I will assemble those great ideas and will share them via email and on our website.
Content – If you have content – stories, photos, videos or podcasts – that you would like to share, please email Julie O’Keefe at email@example.com.
Arizona Newspapers Association
(602) 261-7655, x102