On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) into law providing, among other relief, up to $349,000,000,000 to fund loans to small businesses affected by the outbreak of COVID-19 (“Paycheck Protection Program”). The program will be administered by the U.S. Small Business Administration (the “SBA”) and the loans will be 100% federally-guaranteed.  On March 31, 2020, the U.S. Department of the Treasury released the following loan application form and guidance sheets for borrowers and lenders:

• Paycheck Protection Program Loan Application Form, which is a streamlined four-page form that can be found at: Paycheck Protection Program Loan Application
• “Paycheck Protection Program (PPP) Information Sheet: Borrowers” which can be found at: PPP Information Sheet Borrowers
• “Paycheck Protection Program (PPP) Information Sheet: Lenders” which can be found at: PPP Information Sheet Lenders
• An overview of the Paycheck Protection Program can be found at: PPP Overview

We encourage our clients to reach out not only to us, but also to their local business bankers/lenders with any questions that they may have regarding the Paycheck Protection Program.

If you have any questions, please feel free to reach out to our Commercial Finance and Secured Lending attorneys Brett P. Garver at (516) 880-7266 or BGarver@moritthock.com, Christine H. Price at (516) 865-1176 or CPrice@moritthock.com, and Brian P. Boland at (516) 880-7239 or BBoland@moritthock.com.