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ARTICLE · 02 APRIL 2020

Small Business Loans Under The CARES Act

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On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. Among other things, the CARES Act creates the "Paycheck Protection Program," which provides up to $349 billion...

United StatesCoronavirus (COVID-19)
Andrew Kugler
Andrew Kugler
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Joanna Nicholas
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Amanda Baker
Eric T. Mitzenmacher
Eric T. Mitzenmacher
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J. Paul Forrester
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On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law.

Among other things, the CARES Act creates the "Paycheck Protection Program," which provides up to $349 billion to expand the Small Business Administration's (SBA's) existing 7(a) loan program to support new loan guarantees and subsidies. Highlights of the program include:

  • 100% federally backed loans to cover expenses like payroll, rent and benefits.
  • Current SBA lenders will be able to make loans under the program as soon as the SBA issues emergency regulations structuring certain aspects of the lending process. The SBA and Treasury Department are authorized to issue regulations permitting certain "additional lenders" not already authorized to make SBA 7(a) loans to participate in the Paycheck Protection Program.

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