On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). Among the provisions of the CARES Act is the Paycheck Protection Loan Program.
United StatesCoronavirus (COVID-19)
Background
On March 27, 2020, President Trump signed into law the
Coronavirus Aid, Relief, and Economic Security Act ("CARES
Act"). Among the provisions of the CARES Act is the Paycheck
Protection Loan Program ("PPP"), a new $349 billion
forgivable business loan program under the Small Business
Administration's ("SBA") existing Section 7(a) loan
framework.
Under this program:
- The SBA has the authority to make
loans.
- All existing 7(a) lenders, more than
800 banks, are currently authorized to issue these loans, and new
lenders can be authorized to join the program.
- The SBA is providing a free online
matching tool to pair borrowers with a lender at https://www.sba.gov/funding-programs/loans/lender-match.
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