CARES Act Authorizes Two SBA Loan Programs


On March 25, 2020, the Senate passed the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act unanimously (96-0). The House passed the CARES Act on Friday, March 27, 2020 by a vote of 419-6 and the legislation was immediately signed into law by President Trump. The CARES Act is the third economic stimulus package passed by Congress in response to the outbreak of coronavirus (COVID-19) and its size and scope makes it the largest stimulus package in U.S. History. Among its many highlights, the CARES Act authorizes the Small Business Administration (SBA) to offer a new Paycheck Protection Loan Program while also extending eligibility requirements to the Emergency Injury Disaster Loan Program.

Please click here to see if your business is eligible to apply for these loan programs.



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