03/27/2020
CARES Act
Forgivable Paycheck Protection Loans to Small Businesses
The U.S. Senate and House of Representatives have approved the Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act.” and the President is expected to sign it. This $2 trillion relief package will quickly inject money into the economy to help stabilize businesses and families affected by the virus outbreak.
A vital component of this package is the “Paycheck Protection Program” that promises to help small businesses and nonprofits affected by the pandemic. Many of affected small business owners and nonprofit organizations, are eligible to take advantage of these loans. A benefit of this program is a forgiveness provision at no cost to the borrower.
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The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill ever, includes provisions to help small businesses. Here are the highlights.