Updated August 31, 2020
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, which provides for various economic stimulus measures, including a new loan program regulated by the U.S. Small Business Administration (SBA) called the Paycheck Protection Program (PPP). You can read more about the PPP and the other stimulus programs here.
On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (the Flexibility Act), which amends the CARES Act to make certain changes to PPP loans and to provide more flexibility to borrowers. For an overview of the changes made by the Flexibility Act, click here. This blog post has been updated to incorporate the changes made by the Flexibility Act.
On July 4, 2020, President Trump signed into law a bill that extends the application period for PPP loans from June 30, 2020, to August 8, 2020, which provides eligible borrowers additional time to contact participating lenders to facilitate a PPP application.