CARES Act Update: US Treasury Department Issues Application Form and Other Guidance
April 6, 2020
With the enactment of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) on March 27, 2020, the U.S. government initiated the Paycheck Protection Program to provide loans to certain small businesses. The speed with which the program has been put in place has led to ongoing developments on various aspects of its implementation. Following up on his article of March 31, 2020 which appears in the TSL Express, here is an update as of April 6, 2020 with some preliminary notes for the secured lender based on the "Interim Final Rule" released by the Small Business Administration on April 2, 2020 with further guidance on the program. More to follow.