In the wake of the global COVID-19 pandemic, Congress hurriedly passed a host of economic relief bills to provide “American workers, families, and small businesses fast and direct economic assistance and to preserve jobs.” The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted in March 2020 to provide over $2 trillion in economic relief. The CARES Act included the Paycheck Protection Program (PPP) and certain follow-on acts that injected over $650 billion for small business and their employees. Additionally, small businesses were granted the right to apply for Economic Injury Disaster Loans (EIDL) offered by the U.S. Small Business Administration (“SBA”).
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