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ARTICLE · 23 JULY 2020

The Paycheck Protection Program: New Stimulus Package Contains Forgivable Emergency Loan Program For Certain Firms

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The PPP, contained within the stimulus package signed by President Trump on March 27, 2020, creates a $349 billion loan facility to help "small" businesses make payroll and pay certain other costs over the next few months.

United StatesCoronavirus (COVID-19)
Prakash H. Mehta
Prakash H. Mehta
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Key Points

  • The Paycheck Protection Program (PPP), contained within the stimulus package signed by President Trump on March 27, 2020, creates a $349 billion loan facility to help "small" businesses make payroll and pay certain other costs over the next few months.
  • Fund managers with fewer than 500 employees, and certain of their portfolio companies, may qualify for forgivable loans under this program, depending on the particular facts and circumstances.
  • A PPP loan will be forgiven to the extent firms (a) use the loan for certain "allowable uses" in the eight (8) week period following the issuance of the loan, and (b) maintain certain conditions regarding the size and compensation of their workforce.

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