Earlier today, the Treasury Department issued details related to the Paycheck Protection Program, which was enacted under the Coronavirus Aid, Relief and Economic Security (CARES) Act (P.L.116-136). The program allocates nearly $350 billion for companies to cover payroll expenses so they can retain workers during the coronavirus pandemic.
The material released today can be found below:
A summary of the program can be found here.
- Lenders can find more information here.
- Borrowers can find more information here.
- Borrowers can find the application here.
To read more about the Paycheck Protection Program and other assistance available to small business employers, read the Brownstein Small Business Team’s Industry Guide.