HomeAdvisor asked Congress to provide relief and protection directly to America’s local home services professionals amid the COVID–19 pandemic. Today, the President signed into law the CARES Act, which offers more than $350 billion in support for small businesses through programs you can use to help your businesses now.
The CARES Act includes the Paycheck Protection Program. This program could help you and your company obtain loans to help with payroll, paid sick leave, costs related to continuation of group healthcare benefits during periods of leave; employee salaries; mortgage payments; and any other debt obligations.
As a small business, you may be able to apply for both programs, subject to additional requirements and so long as the funds are used for different purposes.
How You Can Prepare:
These programs are to help you get access to needed relief and capital quickly. Here’s steps to make the process as frustration–free as possible:
- Visit the Small Business Administration’s COVID–19 resource center to review all programs;
- Confirm your eligibility — Small businesses, including sole proprietors and independent contractors, may be eligible, and the loans may be forgiven if certain conditions are met;
- Collect business and other financial paperwork and if possible, create digital version of these documents;
- Continue to do what you can to keep your business up and running.
As these programs continue to evolve, we will keep you up-to-date and informed. For additional resources, visit the CARES Act guide.
We are proud of the work you do as small businesses to provide essential services. Thank you for helping to keep our communities safe and secure, and we’ll continue advocating for you with our nation’s lawmakers.
Craig Smith, President, HomeAdvisor