CARES Act Insights: Paycheck Protection Program Regulations and Loan Application Released

Miller & Martin PLLC Alerts | April 03, 2020

The U.S. Treasury has announced the interim final regulations of sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Section 1106 of the CARES Act temporarily adds the "Paycheck Protection Program" to the U.S. Small Business Administration's (SBA's) 7(a) Loan Program. Section 1106 of the CARES Act provides forgiveness of up to the full principal amount of qualifying loans guaranteed under the Paycheck Protection Program. The official loan application for the Paycheck Protection Program has also been released by the U.S. Treasury. Some financial institutions will begin accepting applications immediately.

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