April 27, 2021 Written by Anthony J. Vizzoni, Esq.
The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed by President Trump. The CARES Act created a new Small Business Administration (“SBA”) loan program known as the Paycheck Protection Program (“PPP”) which has provided billions of dollars in potential forgivable loans to businesses for purposes of maintaining and restoring jobs to their employees.
To date, millions of PPP loans have been approved and funded to qualifying businesses, with $349 billion funded in a matter of weeks and another $310 billion in additional funding on its way.