Paycheck Protection Program Loans
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act contains many provisions for businesses and individuals, but the most impactful provision for small businesses in the immediate term is the Paycheck Protection Program loan.
The Paycheck Protection Program loan will provide up to $349 billion of federally guaranteed loans for small businesses. The loans are being issued by qualified SBA lenders (banks) and will be available until June 30, 2020, or until funds run out.
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