NOTE:
Click here for an updated version of this article,
published on April 3, 2020.
The Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"),
signed into law on Friday March 27, 2020, introduces the
Paycheck Protection Program (the "PPP") with $349 billion
in funding and the goal of preventing job loss and small businesses
failure due to losses caused by the COVID-19 pandemic. The
new PPP loan program is available for eligible small businesses,
including sole proprietors, and non-profits, veterans organizations
and tribal business concerns, to provide a forgivable loan to cover
payroll and other costs. Additionally, the CARES Act greatly
expands the Economic Injury Disaster Loan Program (the
"EIDL" Program) with $10 billion of additional funding
for the SBA.
