Paycheck Protection Program: Meeting the Good Faith Need Standard

Cohen & Gresser LLP
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On April 24, 2020, the Paycheck Protection Program and Healthcare Enhancement Act was signed into law, providing an additional $310 billion in funding for the Paycheck Protection Program, which commenced under the original CARES Act. The new law reserves $30 billion in funding to be provided through lenders with less than $10 billion in assets and certain other lending institutions serving borrowers who lack relationships with money center banks.

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