The Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law on March 27, 2020, offers a lifeline to small businesses and sole proprietors (generally those with 500 or fewer employees) in the form of the Paycheck Protection Program (PPP) administered by the U.S. Small Business Administration (SBA). On March 31, 2020, the U.S. Treasury Department issued guidance on how the program would work; however, many unanswered questions about the PPP remained.
This Flash Report describes the status of the PPP, its key provisions, and the remaining questions and challenges lenders face as they work to serve their small business customers.