The Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law last Friday offers a lifeline to small businesses and sole proprietors (generally those with 500 or fewer employees) in the form of the Paycheck Protection Program (PPP) administered by the Small Business Administration (SBA). This program authorizes $350 billion in forgivable loans, based on the size of their average payroll, to eligible businesses that were in operation on February 15, 2020. On March 31, the U.S. Treasury Department issued guidance on how the program will work.
Protiviti has issued a Flash Report outlining details of the program and next steps for financial institutions that are potential lenders. This Flash Report will be updated with any new developments. You can access it here.
