Application Info for COVID-19 Loans


There are multiple loan programs from the federal government to help small businesses and the information about them is changing rapidly. The St. Joseph Chamber of Commerce is your resource for information.

Be aware of application dates and have your information gathered to be able to apply. There are caps on the programs, so applying quickly is very important.

CARES Act — Payment Protection Program
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 (PPP), 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. The administration has released initial guidelines; they are available at The U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals check eligibility and prepare to file for a loan.

Small businesses and sole proprietors can begin applying on April 3. Independent contractors and self-employed individuals can apply beginning on April 10.
Paycheck Protection Program Guide

Economic Injury Disaster Loan Program

The Coronavirus Aid, Relief, and Economic Security (CARES) Act expands the Small Business Administration’s long-standing Economic Injury Disaster Loan Program (EIDL). The EIDL program was created to assist businesses, renters, and homeowners located in regions affected by declared disasters.

The program is applicable to small businesses and most small non-profits (less than 500 employees), sole proprietors and independent contractors. Click here to view the U.S. Chamber’s new guide that will help you determine eligibility, understand loan parameters and find out how to access $10,000 emergency grants.
Economic Injury Disaster Loan Program Guide

Employee Retention Tax Credit

The CARES Act also created a new employee retention tax credit — that doesn’t have size restrictions — for employers who are closed, partially closed or experiencing significant revenue losses as a result of the coronavirus pandemic. Click here to view the new guide to help you determine eligibility, calculate your credit and more.

Employee Retention Tax Credit Guide

Chamber staff is here to help!

Have questions? Contact Kristie Arthur, 364-4113, or Brad Lau, 364-4110.