Coronavirus Aid, Relief, and Economic Security (CARES) Act
Dear LULAC Family,
I want to share some important news for our LULAC members and others with small businesses. The Coronavirus Aid, Relief, and Economic Security (CARES) Act is extending welcome help for owners of small businesses. This assistance is critical to our community because today there are 4.65 million Latino-owned companies representing 14% of the 33 million total U.S. businesses.
Briefly, the Paycheck Protection Program helps small businesses cover operating expenses and incentivizes employers to retain their employees. I especially want to encourage women to apply since of the 1.4 million companies owned by women of color in our country, Latina business women control 39% of these businesses.
The Paycheck Protection Program is administered by the Small Business Administration (SBA) and is ready to provide emergency lending for qualifying companies from its new $349 billion capacity. Among the businesses that can qualify are included:
- Restaurants, food service, caterers, and hotels that employ 500 or fewer employees per location,
- Franchises approved on the SBA’s Franchise Directory, and
- Small businesses receiving financing through the Small Business Investment Company (SBIC) program.
We know that for a small business, every day is either a challenge or an opportunity and I wanted to get this information to you as quickly as possible. For more details on how the program works and how to request assistance, please click here (versión en Español aqui).
Please let us know how we can help if you have additional questions or comments. Contact LULAC at Recommendations@lulac.org
Together We Rise,
LULAC Chief Executive Officer