By Eric L. Kintner, Jonathan E. Frank, Victor J. Roehm III, and David Rao
Today, March 27, the United States House of Representatives passed the “Coronavirus Aid, Recovery and Economic Security Act” or the “CARES Act” (Act), which previously passed the United States Senate on March 25 and was signed by the President. The Act includes a small business loan program, known as the “Paycheck Protection Program” (PPP), that makes available forgivable loans of up to $10 million during the covered period of February 15, 2020 to June 30, 2020 if the business retains its employees and otherwise meets the requirements. The Act also makes available funds for immediate grants of up to $10,000 for small businesses that have applied for SBA Economic Injury Disaster Loans (EIDL).
Read more for some key provisions of the PPP and the EIDL grant program as well as summary of the United States Treasury’s proposed middle-market direct lending program set forth in the Act…. https://www.swlaw.com/publications/legal-alerts/2708
