Vorys (Ohio/Texas): CARES Act Paycheck Protection Program: Overview for Participating Lenders

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)—summarized in a previous alert—which amends and expands the U.S. Small Business Administration’s (SBA) flagship 7(a) Loan Program to create the Paycheck Protection Program (PPP).  Congress has committed $349 billion in emergency funding to the PPP in order to assist certain eligible borrowers adversely impacted by the COVID-19 pandemic cover their near-term operating expenses, while also providing a strong incentive for employers to retain employees during the crisis. MORE.