The CARES Act: Paycheck Protection Program Provides Historic Aid for Small Businesses
The authors discuss the key elements of the Paycheck Protection Program for small businesses and lenders.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act provides significant new funding to small businesses in the United States for the period covering March 1, 2020 through December 31, 2020. The provisions of the CARES Act directed at small businesses provide a significant increase in the funding that will immediately become available through use of the existing 7(a) loan program, which is administered by the United States Small Business Administration (the “SBA”).
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“The CARES Act: Paycheck Protection Program Provides Historic Aid for Small Businesses,” by Martin Teckler and Grant E. Buerstetta was published in the June 2020 edition of Pratt’s Journal of Bankruptcy Law (Vol. 16, No. 4), an A.S. Pratt Publication, LexisNexis. Reprinted with permission.
This article was first published as a Blank Rome Finance, Restructuring, and Bankruptcy Client Advisory on March 30, 2020.