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Summary of the CARES Act’s Paycheck Protection Loan System

Summary of the CARES Act’s Paycheck Protection Loan System

On March 27, 2020, President Trump finalized into legislation the Coronavirus Aid, Relief, and Economic protection Act (“CARES Act”). Among the list of conditions of this CARES Act may be the Paycheck Protection Loan Program (“PPP”), a brand new $349 billion business that is forgivable system underneath the small company Administration’s (“SBA”) current area 7(a) loan framework.