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ARTICLE · 25 APRIL 2020

Summary: SBA Financial Assistance Under The CARES Act

Dickinson Wright PLLC
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The recently federally enacted Coronavirus Aid, Relief, and Economic Security Act greatly expanded the United States Small Business Administration's ability to serve small and mid-sized businesses by offering new loan programs.

United StatesCoronavirus (COVID-19)
Katherine VanderVeen
Katherine VanderVeen
Julie Gulledge
Julie Gulledge
Katherine Reynolds
Katherine Reynolds
Keith Driscoll
Keith Driscoll
Jeff Craven
Jeff Craven
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The recently federally enacted Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") greatly expanded the United States Small Business Administration's ("SBA") ability to serve small and mid-sized businesses by offering new loan programs and favorably modifying existing loan programs, including increasing the number and type of U.S. companies eligible for SBA loan programs to address the impact of the coronavirus disease 2019 ("COVID-19"). Below is a summary of the updated SBA loan programs addressing COVID-19.

Paycheck Protection Program ("PPP"): loan to fund costs associated with retaining employees during COVID-19 by temporarily expanding the traditional SBA 7(a) loan program to cover payroll and other operating costs and providing for certain loan forgiveness

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