On April 17, 2020, members MMM's COVID-19 Task Force presented a webinar on Navigating Uncertainties: The Paycheck Protection Program Under the CARES Act.
This webinar provided an overview of the basic aspects of the Paycheck Protection Program (PPP) including eligibility, calculation of the loan amount, and requirements for loan forgiveness.
The PPP is a key element of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) signed into law on March 27, 2020, in response to the economic effects of the COVID-19 pandemic. The PPP was designed to help businesses cover payroll expenses and other specific operating costs via non-recourse unsecured loans from Small Business Administration (SBA) designated lenders as well as other lending institutions. Despite some guidance issued by the SBA and the Department of the Treasury in the days following passage of the CARES Act, would-be borrowers and even lenders are struggling to navigate the application process and funding of loans under the PPP.