With the just-passed $2.2 trillion CARES Act, about $350 billion will be available for small-business loans through the Paycheck Protection Program (PPP). As part of this program, qualifying businesses are provided with a forgivable loan intended to help retain and rehire employees and will be administered primarily through existing Small Business Administration-approved lenders. The PPP is in addition to SBA economic disaster loans and two programs passed earlier this month to help businesses with expenses related to paid sick leave and family leave. Details and analysis of the program can be accessed below:
- US Senate Committee on Small Business Entrepreneurship overview here.
- US Chamber of Commerce overview here.
- The American Institute of CPAs (AICPA), also published a video (the discussion begins at 7:43) regarding the Act, and it can be viewed here.
Please contact your Mueller accounting partner with any questions.