OVERVIEW OF SBA “PAYCHECK PROTECTION” LOAN PROGRAM

March 28, 2020 SBA “PAYCHECK PROTECTION” LOAN FORGIVENESS PROGRAM UNDER THE CARES ACT To our Clients and Friends: On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. The CARES Act a $2.2 trillion stimulus package providing aid for individuals, States, small businesses, and businesses impacted by the coronavirus pandemic. The CARES Act authorizes the Small Business Administration (“SBA”) to provide loan guarantees for up to $349 billion in loan commitments under the SBA’s 7(a) program, through a new “paycheck protection” loan program under which loans may be forgiven. This letter discusses how the SBA provisions in the CARES Act can pro

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