COVID-19 CARES Act Paycheck Protection Program Summary
This tool summarizes Section 1102 the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) which was enacted on March 27, 2020 and provides a $2 trillion stimulus package in response to the COVID-19 pandemic. Section 1102 of the Act creates a new “Paycheck Protection Program” (PPP) 100% guaranteed by the Small Business Administration (SBA) and open to additional lenders not currently certified to make SBA loans.
UPDATE: Please note that this tool summarizes Section 1102 of the CARES Act as it was enacted on March 27, 2020. As set out in the Act and the summary below, the Treasury and SBA have broad authority and have been releasing various rules and guidance to complement the Act, so additional details and changes are to be expected. We include these relevant links, as well as summaries of the Interim Final Rules and other PPP tools on our PPP Resources page here: https://compliancealliance.com/about-us/paycheck-protection-program-resources
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