Paycheck Protection Program
PPP loan program is designed to keep small businesses, including qualifying non-profit organizations, afloat during mandated Coronavirus Disease 2019 (“COVID-19”) related closures.
This new loan program is based on the existing general business loan program of the Small Business Administration (“SBA”) and will make potentially forgivable loans available to qualifying small businesses. The loan program is known as the “7(a)” program and not based on the SBA disaster loan program.
Additional detail will be provided as the SBA drafts implementing regulations, which the CARES Act requires to occur within 15 days.