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We're dedicated to helping you keep your businesses up and running.

David Chubak, Head of U.S. Retail Banking

How the CARES Act Can Help Your Small Business

The recently enacted CARES Act establishes a new Paycheck Protection Program, a federally-guaranteed, low-interest loan program intended to help small businesses keep their employees working. Small businesses, non-profits and sole proprietorships may be eligible for low-interest loans.

Your business may qualify if you:

  • Have up to 500 employees (In select instances, businesses with over 500 employees may qualify. Visit our FAQ for detailed information, or go to the SBA guidelines on size standards)
  • Are a restaurant or hospitality business with up to 500 employees per location
  • Are a 501(c)(3) organization, a 501(c)(19) veteran organization, or a tribal business concern
  • Are an independent contractor or sole proprietor

Covered expenses include:

  • Payroll costs including salary/wages/commissions/tips, employee benefits, state and local taxes on compensation; for a sole proprietor/independent contractor: wages, commissions, income, or net earnings from self-employment
  • Interest on mortgage obligations, incurred before February 15, 2020
  • Business rent, under lease agreements in force before February 15, 2020
  • Utilities, for which service began before February 15, 2020

Helpful Resources

We are working diligently to get all the details on the loan application process; we will update our site with new information as soon as it is available.

Economic Injury Disaster Loans

The Small Business Administration is offering low-interest loans for working capital to small businesses.

Learn More

Small Business Administration

Find additional guidance, assistance and resources to help your small business.

Visit SBA.gov

Citi Small Business Banking

Take advantage of Citi's full set of products and services that are tailored to the needs of small business owners.

Learn More