On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act into law, also known as the “CARES Act”. The CARES Act is a wide ranging stimulus bill in response to the COVID-19 outbreak. Title I of the CARES Act (“Keeping American Workers Paid and Employed Act”) provides for the expansion of the Small Business Act (SBA) in order to create a new line of federally-guaranteed small business loans (“Program Loans”) available for the period of February 15, 2020 to June 30, 2020. These Program Loans are available to small businesses with fewer than 500 employees (see below for more detailed information) and permit such qualified small businesses to borrow up to 2.5 times the average total monthly payroll costs incurred in the one-year period before the Program Loan is made with a cap of $10 million. Program Loans do not require any collateral, have a deferred payment period of six months to one year and are eligible for loan forgiveness for certain categories of spending during the eight-week period following the issuance of the loan.
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