CARES Act Relief in a Nutshell

By:
On:
In: Business & Finance
Tagged: ,

In response to COVID-19, Congress recently passed the CARES Act, providing restaurants with relief through loans and tax benefits. For those interested, you can request an immediate advance of $10,000 for a federal Economic Injury Disaster Loan here. Learn more below about the relief available under the CARES Act.1

Image

*Click here to apply for EIDL

Economic Injury Disaster Loans (EIDL)

  • Covers expenses like payroll, fixed debts, employee sick pay, accounts payable, and other costs.
  • Available for up to $2 million, but you can also apply for an immediate advance of $10,000 for certain expenses — and you won’t be required to pay it back if your loan application is later denied.
  • Up to 30 years with an annual interest rate of 3.75%.
  • For small businesses with under 500 employees. 
  • Apply here. 

Paycheck Protection Loans

  • Forgivable for eight weeks of payroll, rent, mortgage interest, or utilities expenses if you keep all employees on payroll.
  • Available for up to 2.5 times your average monthly payroll costs, up to $10 million.
  • Used to cover payroll, health insurance, medical or family leave, insurance premiums, debt interest, mortgage obligations, rent, and utilities.
  • For small businesses with under 500 employees (or certain businesses, including restaurants in some cases, with more than 500 employees)
  • Loans will be available from private lenders in the next few weeks, but some lenders are accepting pre-applications.  Contact your bank or an approved SBA lender to apply.

Read our CARES Act relief center for additional detail on delay of payroll taxes, employee retention credit, and other benefits. 

Our team is dedicated to understanding the relief programs available to our restaurant partners. We’ll continue to update this site as guidelines are finalized, and we’ll continue to do everything we can to serve our community during this difficult period. 

Apply for an EIDL

1This information is compiled from publicly available sources and is not intended to be legal or tax advice. DoorDash makes no representations as to its accuracy or comprehensiveness and encourages merchants to work with their tax preparers to take advantage of the CARES Act. Approval on loan applications is not guaranteed.

Read more @ DoorDash.