The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27th and intended to provide emergency assistance and health care response for individuals, families, and businesses affected by the coronavirus pandemic.  One provision of the CARES Act intended to deliver relief to small businesses included an expansion of the SBA’s existing 7(b) emergency loan program (Economic Injury Disaster Loans or EIDLs) to help eligible businesses and private nonprofits pay payroll and operating expenses that could have been paid had the COVID-19 public health emergency not occurred.

The program exhausted funding and the application portal closed on April 15, 2020 (reopened in May for agricultural businesses only). … Read More

The  Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, was enacted on March 27, 2020 to provide immediate assistance to individuals, families, and businesses affected by the COVID-19 pandemic.

One of the provisions of the CARES Act included a loan program authorizing the Small Business Administration to temporarily guarantee loans under a new 7(a)
loan program titled the Paycheck Protection Program (PPP).   Loans guaranteed under the Paycheck Protection Program (PPP) are  100 percent guaranteed by SBA, and the full principal amount of the loans may qualify for loan forgiveness. 

The forgiveness component is what attracted massive interest in the program as business owners across the country are faced with government shut down orders that have caused significant declines in economic activity.… Read More