CARES Act: Frequently Asked Questions

On Friday, March 27^th, the President signed into law the CARES Act, a 2 trillion dollar stimulus package intended to combat the severe economic damage caused by the coronavirus pandemic. The CARES Act includes many provisions intended to help small businesses and startups. One of the most important components of the CARES Act for small businesses and startups is the Paycheck Protection Program which provides business loans through approved lenders under favorable terms and potential eligibility for loan forgiveness.

The following Frequently Asked Questions are intended to provide general information about the main programs for small businesses addressed in the CARES Act. As we continue to review the CARES Act and as more information is provided by the Small Business Administration and other agencies, we will continue to update these FAQs.