The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
For tanning businesses in need of relief, your first priority should be immediately contacting your local Small Business Administration lender, if you haven’t already. If you aren’t familiar with local SBA lenders, contact your local SBA District Office.
You can also start getting your financial information prepared for a meeting with your SBA lender now. The items you will need are listed on the last page of the document found below, which was provided by one local SBA lender.