Reported illnesses have ranged from mild symptoms to severe illness and death for confirmed coronavirus disease 2019 (COVID-19) cases.
These symptoms may appear 2-14 days after exposure (based on the incubation period of MERS-CoV viruses).
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CARES Act Paycheck
Quick Reference Guide
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Timing is of the essence!
Get prepared now to apply for federal relief loans. Be proactive to ensure you’re at the front of the line for business
assistance loans recently approved by Congress under the Paycheck Protection Program.
We are here to help you and your business at this critical time.
Key components of the program:
• Loans available up to $10 million
• Small and mid-sized companies impacted by coronavirus are eligible
• Funds may be used for operating expenses including payroll, rent, mortgage, utilities
• Full loan forgiveness available
• No personal guarantees
• No collateral requirements
• Low fixed rate
Included in this quick reference guide are questions you may be asking about the Coronavirus Aid, Relief, and Economic
Security (CARES) Act which allocates $350 billion for assistance to small and mid-sized businesses.
Your City National Banker is just a phone call away or call us at 1-800-435-8839.
This document is based on the latest information available as of March 29, 2020. Final details of the program are still pending from the SBA. This information is not
considered legal or accounting advice.
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The $2 trillion Coronavirus Aid, Relief, and Economic Security Act can be difficult to interpret. Below, we break down the
Paycheck Protection Program and address questions you are likely to have. Please remember to consult with your lawyer
or CPA for further guidance.
SBA Stimulus Q & A
Do I qualify for a loan?
Small businesses with fewer than 500 employees (or the maximum number of employees specified in the current SBA size
standards) that have paid payroll and payroll taxes or filed 1099-misc(s) for contractors prior to March 1, 2020 are eligible.
What types of loans may I apply for?
You may apply for CARES Act 7 (a) Paycheck Protection Pr