CARES Act Business Loans: Questions and Answers

The CARES Act, an unprecedented piece of legislation, is designed to offer relief to individuals, the health-care system, and other critical businesses impacted by the coronavirus global health crisis.

For small businesses in the United States, the most critical set of provisions in the CARES Act are those related to the Paycheck Protection Program, a $349 billion federally-guaranteed loan program under the Small Business Administration’s 7a program.

The thought of further encumbering a business with additional debt in the midst of a global pandemic may be counterintuitive and not desirable, but a portion of the loan proceeds under the Paycheck Protection Program is designed to be forgiven if businesses keep employees on the payroll and spend the loan proceeds on certain qualifying expenses.

In the attached PDF, you'll find answers to a number of questions our clients have posed since the passage of the CARES Act.

Download the PDF here >>