The $2 trillion CARES act signed into law last week sets aside billions of dollars to help small businesses struggling amid the economic disruption that COVID-19 is causing. These programs are fast-moving and updating quickly. Here are some of the most current details of what’s in the relief package and how to apply for assistance.

Economic Injury Disaster Loans and Loan Advances
Small-business owners in the U.S. can apply for an Economic Injury Disaster Loan (EIDL) of up to $2 million through the Small Business Association (SBA). The loans have low fixed interest rates of 3.75% and a long-term repayment schedule of up to 30 years.

The loans are meant for small businesses with 500 or fewer employees. Individuals who operate as sole proprietors or independent contractors are also eligible. To qualify, businesses must have been directly affected by COVID-19.

As part of the EIDL loans, the SBA is giving out loan advances (essentially emergency grants) of up to $10,000 that would be deposited into a business’ account within three days of applying. The grant money is to be used for things like rent or mortgage payments, maintaining payroll during business disruptions or slowdowns, and meeting increased costs to obtain materials unavailable due to interrupted supply chains.

You can apply for an Economic Injury Disaster Loan through the SBA here.

Paycheck Protection Program Loans
These loans are meant to incentivize businesses to keep their workers on staff by providing small businesses with loans of up to $10 million for payroll and certain other expenses. If the employees are kept on payroll for eight weeks, the SBA will forgive the portion of the loans used for payroll, rent, mortgage interest or utilities. Up to 100% of the loan is forgivable; however, if you also received an emergency grant through the EIDL program, it will reduce the amount of the paycheck loan that’s eligible for forgiveness.

The paycheck loans are for businesses with 500 or fewer employees. Sole proprietors, the self-employed and independent contractors are eligible.

Paycheck Protection loans don’t come directly from the SBA. Instead, you would go through an individual lender qualified to make one of the SBA-guaranteed loans. The $350 billion set aside for these loans is not yet available, though it should be within the coming days and weeks. To prepare for applying, you should calculate your total payroll costs, including benefits, and your utility costs.

Nav, a company that assists businesses in managing their finances and credit, has put together a calculator on its website to help companies determine how much money they’re likely to qualify for. Try it here.

Loan payments will be deferred for six months, and no collateral or personal guarantees are required. The loans have a maturity of two years and an interest rate of 1%, with the idea that most businesses would be applying for forgiveness before then. Lenders began taking applications Friday, April 3, though applications for the self-employed and independent contractors don't open until April 10.

By the end of the day on Friday, April 3, the program had issued more than 13,000 loans valued at more than $4.3 billion, according to the SBA.

Get Outside Help
These new loan programs should be a tremendous help for promotional products companies navigating through tough times. There’s a lot of fine print and moving parts involved in applying. It’s a good idea to seek out professional help. If you don’t have a lawyer, you may be able to take advantage of a new program set up by the Lawyers for Good Government Foundation (L4GG). The nonprofit network of more than 125,000 legal advocates has launched a Small Business Remote Legal Clinic, offering pro bono legal consultations for small business owners to help them understand the options available under the COVID-19 stimulus package and other grant and loan programs.

Qualifying small businesses with 25 or fewer employees will be offered free 45-minute consultations with pro bono attorneys who can answer legal questions and help owners determine the best path forward for their businesses. You can sign up here to be notified when a clinic is available near you.