The recently passed Coronavirus Aid, Relief and Economic Stimulus Act (CARES Act) establishes several new avenues for businesses to combat the financial repercussions of the COVID-19 crisis. Among other things, it creates unique loan programs for small and midsize businesses and extends unusual tax benefits as an incentive for businesses to keep employees on the payroll. This legislation, however, was drafted in an unusually short period of time. As such, information regarding the administration of its provisions is sparse and constantly evolving.

The Paycheck Protection Program

The most significant provision of the CARES Act provides “paycheck protection” loans, administered by the Small Business Administration (SBA), to cover payroll costs and other expenses for an eight-week period for employers with fewer than 500 employees, including 501(c)(3) nonprofits.

  • Eligibility

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