Paycheck Protection Program
The Paycheck Protection Program (“PPP”), which passed as a part of the CARES Act, provides a number of measures to ease the current financial burden on small businesses across the country. In total, $349 billion was allocated by the CARES Act to fund the PPP which will be overseen by the Small Business Administration and administered by private lenders. In general, the PPP significantly broadens and expands the threshold requirements normally in place to qualify for SBA loans including eliminating requirements for guarantees, collateral, fees, and other measures.
Click here to read a one page overview of the Act.