A key feature of the CARES Act $2 trillion relief package is the
creation of the Paycheck Protection Program (PPP), which authorizes
$349 billion for businesses to obtain loans of up to $10 million
per applicant to be used on payroll, benefits, rent and other costs
from February 15, 2020, through June 30, 2020. The PPP will be
administered by the Small Business Administration (SBA) under the
umbrella of its 7(a) business loan regime. PPP loans will be made
by participating commercial lenders between February 15, 2020, and
June 30, 2020, subject to certain eligibility requirements, and
will be 100% guaranteed by the SBA. On March 31, 2020, the SBA
issued a sample application for the PPP on the PPP
portion of its website. The sample, which is intended to
allow applicants to see the type of information that will be
requested from them, may be superseded by a modified final form. In
addition, Treasury released an information sheet on the PPP.
Eligible businesses can begin
