The Coronavirus Aid, Relief, and Economic Security Act allocated $349 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 who maintain their payroll during this emergency.

Small businesses and sole proprietorships can apply beginning April 3, 2020. Independent contractors and self-employed individuals can apply beginning April 10, 2020.

The U.S. Chamber of Commerce issued this guide to help small businesses and self-employed individuals prepare to file for a loan.

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