FF&F News & Events
Overview of SBA Loans Under the Paycheck Protection Program Provision of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act
On Friday, March 27, 2020, the Federal government enacted the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. 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.
On March 27, 2020, President Trump signed into law a sweeping $2.2 trillion stimulus package designed to abate the economic damages caused by the coronavirus (COVID-19) pandemic. The CARES Act is the third piece of legislation crafted to address the economic havoc being created by COVID-19.