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COVID-19 Client Update: SBA Loans Under Paycheck Protection Provision of CARES Act

All information is based on our current understanding as of the date that it is posted. Please keep in mind this information is changing rapidly – it can and likely will change. Some information becomes outdated the same date it posted. Although we will monitor and update this page as new information becomes available, please do not rely solely on this page. We encourage you to contact your FF&F advisor for the latest information.

 

Overview of SBA Loans Under Paycheck Protection Provision of CARES Act

On Friday, March 27, 2020, the Federal government enacted the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act to provide economic relief for the devastation resulting from the current COVID-19 pandemic. The largest spending law in US history, the CARES Act includes provisions that directly impact individuals and businesses on numerous levels.

One provision of the CARES Act provides Paycheck Protection Loans (“PPLs”) intended to assist small businesses, including not-for-profit organizations, in maintaining their payroll and operating costs during this time of uncertain and diminished revenue. This will be done through federally guaranteed loans administered by the Small Business Administration (“SBA”) and made by SBA-approved lenders.

Click here to read our full overview of this provision of the bill.