The House passed the $2 trillion coronavirus relief bill on Friday, March 27, the largest emergency aid package in U.S. history. Hours later, the bill was signed into law by President Donald Trump, who noted that, “I think we’re going to have a tremendous rebound.”

The plan includes one-time payments to individuals, beefed up unemployment insurance, additional healthcare funding and loans and grants to help small businesses. House Speaker Nancy Pelosi called the bill a mitigation of COVID-19’s destruction, but also predicted there would be more plans to aid recovery in the future. On Friday, before the House voted, she thanked front-line workers who are risking their safety during the pandemic and added: “Congress must show the same courage, same resilience and same strength … to put families and workers first.”

Earlier this week Senate Majority Leader Mitch McConnell called the bill “a wartime level investment into our nation.”

Of particular note for entrepreneurs in the promotional products industry are emergency grants and forgivable loans being set aside for small businesses with 500 or fewer employees. Here are the monetary details:

Emergency grants: The bill sets aside $10 billion for grants of up to $10,000 to provide emergency funds for small businesses to cover immediate operating costs.

Forgivable loans: The bill allocates $350 billion to the Small Business Administration for loans of up to $10 million per business. Any part of the loan used for payroll, rent, mortgage or existing debt could be forgiven, as long as workers stay employed through the end of June.

Existing debt relief: There’s also $17 billion to cover six months of payments for small businesses already using SBA loans.

For companies interested in securing a loan, here’s what you need to know:

How to apply for the loans: The loans will be distributed through an existing SBA program, in partnership with private financial lenders, which would issue the loans. The SBA would guarantee them. Businesses and nonprofits with fewer than 500 employees that have been in businesses as of Feb. 15 and paid salaries, payroll taxes or independent contractors can apply. Borrowers would need to apply through banks, credit unions and other lenders, not the federal government. There are roughly 1,800 lenders already approved through the SBA program, though the federal government may be passing new regulations to almost all FDIC-insured banks to make the SBA loans.

When would businesses get the money? Government officials have said they expect to have a very simple process in place by the end of next week, allowing loans to be made and monies disbursed in the same day.

How much can businesses apply for? Lenders will determine the proper amount using a formula that takes into account a business’s past payroll expenses. The maximum amount to borrow is $10 million. The maximum interest rate for the loans is 4%, and borrowers could defer payment for six months to a year.

What about the loan forgiveness? The loan forgiveness component is for businesses that retain their workers or rehire those that were laid off. Costs like payroll, rent payment, mortgage and utilities incurred during an eight-week period after the loan originates would be eligible for forgiveness. The amount of forgiveness depends on the number of workers retained or rehired.