On Friday, March 27, 2020, the “Coronavirus Aid, Relief, and Economic Security Act” (the CARES Act) was signed into law. This legislation is aimed at providing relief for business and individuals that have been negatively impacted by the coronavirus (COVID-19) outbreak. 

If you have already incurred layoffs, reduced payroll through furloughs or wage reductions, or are planning this, your business may be eligible to pursue lending opportunities to help you rehire or retain your employees. 

There are multiple types of loans available including:

  • Intended for payroll costs, mortgage interest/rent, utilities, health insurance, etc.
  • May be eligible for forgiveness and/or have generous repayment terms.
  • Administered directly through SBA approved banks. Contact your current banking relationship for more information.

Economic Injury Disaster Loans (EIDL) 
  • Provides small businesses with working capital loans of up to $2 million.
  • Not eligible for forgiveness but has generous repayment terms.
  • Administered by the SBA. Visit the SBA Website to apply for this loan.

We will continue to provide updates as information is made available and invite you to visit our COVID-19 Resources Page for additional information and materials.

These past few weeks have certainly brought about new challenges and concerns for our local businesses and our community as a whole. But please know that Morris & Garritano is here to assist in any way we can. 


Thank you,

Morris & Garritano
License #0305584