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ARTICLE · 03 APRIL 2020

COVID-19 Policy Update (March 31, 2020)

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Treasury Releases Details of Key CARES Act Loan Programs; Infrastructure Takes Center Stage in Phase 4 Relief Package.

United StatesCoronavirus (COVID-19)

Treasury Releases Details of Key CARES Act Loan Programs; Infrastructure Takes Center Stage in Phase 4 Relief Package

Shortly after Phase 3 of the Coronavirus response concluded on Friday, March 27 (see prior alert here), the U.S. Department of the Treasury and the Small Business Administration (SBA) today released details on the $349 billion Paycheck Protection Program established by the Coronavirus Aid, Relief and Economic Security (CARES) Act. The program will assist small businesses with payroll and other operating expenses, and the SBA will forgive the components of the loan proceeds that are used for payroll costs, rent, utilities and mortgage interest within the first eight weeks.

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