On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) into law providing, among other relief, up to $349,000,000 to fund loans to small businesses affected by the outbreak of COVID-19 (“Paycheck Protection Program”). The program will be administered by the U.S. Small Business Administration (the “SBA”) and the loans will be 100% federally-guaranteed. On March 31, 2020, the U.S. Department of the Treasury released the following loan application form and guidance sheets for borrowers and lenders:
We encourage our clients to reach out not only to us, but also to their local business bankers/lenders with any questions that they may have regarding the Paycheck Protection Program.