--- title: Coronavirus Aid Relief & Economic Security Act (CARES) - Koppinger & Associates description: Coronavirus Aid Relief & Economic Security Act (CARES) - Koppinger & Associates image: https://koppingerins.com/hubfs/CARES%20(1).jpg --- [![Koppinger & Associates logo](https://koppingerins.com/hs-fs/hubfs/01609-KA-Logo-CC-1.png?width=1800&height=384&name=01609-KA-Logo-CC-1.png "Koppinger & Associates logo")](https://koppingerins.com) [![Koppinger & Associates logo](https://koppingerins.com/hs-fs/hubfs/01609-KA-Logo-CC-1.png?width=1800&height=384&name=01609-KA-Logo-CC-1.png "Koppinger & Associates logo")](https://koppingerins.com) - [Home](https://koppingerins.com) - Solutions - [Business insurance & P&C](https://koppingerins.com/business-insurance-pc-solutions) - [Employee benefits & HR](https://koppingerins.com/employee-benefits-and-hr-solutions) - [Knowledge Center](https://koppingerins.com/blog) - [About](https://koppingerins.com/about) - [Contact](https://koppingerins.com/contact) - [HR Library](https://auth.zywave.com) # Coronavirus Aid Relief & Economic Security act (Cares) April 06 2020 Categories: [HR Solutions](https://koppingerins.com/blog/tag/hr-solutions) ![Coronavirus Aid Relief & Economic Security act (Cares)](https://koppingerins.com/hubfs/CARES%20(1).jpg) **Coronavirus Aid Relief & Economic Security Act (CARES) ** Federal resources for small businesses have been made available through the CARES Act. The Paycheck Protection Program (PPP) is included in the act, and provides $350 billion of assistance to help keep employees on payroll and cover important business expenses through a forgivable loan program. **Other highlights of the act include:** - Companies with under 500 employees can obtain loans of up to $10 million - loan size is based on business’s average monthly payroll for 2.5 months - any business assigned a NAICS code beginning with 72 (covering hotels, casino hotels, restaurants and bars) with not more than 500 employees per location are also eligible for the program - Loans can be used to cover payroll, employee benefits, mortgage, rent and utilities - The total amount spent on payroll costs, benefits, mortgage payments, rent and utilities between February 15 – June 30 is eligible to be forgiven from the loan - Self-employed individuals and independent contractors are eligible - The loans are guaranteed 100% by the Small Business Association (SBA) - Loans can be accessed through any FDIC bank, credit union or fintech lender **To assist in clearing up confusion, see below resources;  flow chart, analysis, factsheet and PPP application.  We recommend viewing them in order.** Contact your banker to get the process started. [**1. Flow Chart – Overview of the CARES Act for Small Business**](https://mcusercontent.com/713987f7ce6412fef43a40f3d/files/5482c958-e30a-4f6a-afad-ac2c16a78650/CARES_Flow_Chart.pdf) [**2. Coronavirus Aid, Relief & Economic Security (CARES) Act – Analysis**](https://mcusercontent.com/713987f7ce6412fef43a40f3d/files/5668ee0f-f7ee-4197-a6c6-09bd30334629/Coronavirus_Aid_Relief_Economic_Security_Act.pdf) [**3. Paycheck Protection Program (PPP) Information Sheet: Borrowers**](https://mcusercontent.com/713987f7ce6412fef43a40f3d/files/487ce62b-36f7-4334-842d-890033a071a7/PPP_Borrower_Information_Fact_Sheet.pdf) [**4. Paycheck Protection Program – Borrower Application Form**](https://mcusercontent.com/713987f7ce6412fef43a40f3d/files/9060a17b-5d59-4fa9-b9a2-f460b7877236/Paycheck_Protection_Program_Application_SBA_Form_2483_0420_.pdf) - - - - [mailto:?subject=Coronavirus%20Aid%20Relief%20and%20Economic%20Security%20Act%20(CARES)%20-%20Koppinger%20and%20Associates&body=Coronavirus%20Aid%20Relief%20and%20Economic%20Security%20Act%20(CARES)%20-%20Koppinger%20and%20Associates%20https://koppingerins.com/blog/coronavirus-aid-relief-economic-security-act-cares-koppinger-associates](mailto:?subject=Coronavirus%20Aid%20Relief%20and%20Economic%20Security%20Act%20(CARES)%20-%20Koppinger%20and%20Associates&body=Coronavirus%20Aid%20Relief%20and%20Economic%20Security%20Act%20(CARES)%20-%20Koppinger%20and%20Associates%20https://koppingerins.com/blog/coronavirus-aid-relief-economic-security-act-cares-koppinger-associates) [Previous post](https://koppingerins.com/blog/manufacturing-industry-covid-19-preparedness-response-plan) [All posts](https://koppingerins.com/blog) [Next post](https://koppingerins.com/blog/planning-and-preparing-to-get-back-to-work) ## Related Articles #### [Current Form I-9 Version Expiring October 31, 2022](https://koppingerins.com/blog/current-form-i-9-version-expiring-october-31-2022) #### [New Guidance – Tracking Teleworking Hours and FFCRA Leave Eligibility - Koppinger & Associates](https://koppingerins.com/blog/new-guidance-tracking-teleworking-hours-and-ffcra-leave-eligibility-koppinger-associates) #### [The Hidden Cost of a Transactional Broker](https://koppingerins.com/blog/the-hidden-cost-of-a-transactional-broker) [![01609-KA-Logo-WH](https://koppingerins.com/hs-fs/hubfs/01609-KA-Logo-WH.png?width=300&height=64&name=01609-KA-Logo-WH.png "01609-KA-Logo-WH")](https://20500700.hs-sites.com/) 3060 Commerce Dr. Suite 4 Fort Gratiot, MI 48059 At Koppinger & Associates, we are a team of dedicated insurance advisors who put the needs of our clients first. 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