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 is being administered by the U.S. Small Business Administration (the “SBA”) and the loans will be 100% federally-guaranteed.  On April 7, 2020, the U.S. Department of the Treasury released updated FAQs providing further clarification of the Paycheck Protection Program.

• Paycheck Protection Program Loan Application Form (UPDATED April 2, 2020), which is a streamlined four-page form that can be found at:

Paycheck Protection Loan Application

• Updated affiliation rules applicable to U.S. Small Business Administration Paycheck Protection Program

Affiliation Rules

• “Paycheck Protection Program (PPP) FAQs” which can be found at:

Paycheck Protection Program FAQs

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.