The passage of the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, includes relief that many galleries operating in the United States may be eligible for. To help you navigate the new legislation, we have compiled some government resources for you:
- Fact sheet on the Paycheck Protection Program (PPP) loans to small businesses to pay their employees and cover other critical expenses.
- The borrower application form for PPP loans.
- The Small Business Administration (SBA)’s Interim Final Rule with information on the PPP program.
- List of active SBA lenders that may be issuing loans.
- Information on the Economic Injury Disaster Loan program (EIDL), including eligibility requirements, and offering grants and loans to small businesses affected by COVID-19.
As many SBA 7(a) lenders are receiving applications for PPP loans, we recommend, if possible, that you start with a 7(a) lender that is affiliated with your existing banking relationship.