The Coronavirus Aid Relief and Economic Stability Act (“CARES Act”) was enacted by Congress and signed into law by the President last week. The CARES Act amends the existing Small Business Administration (“SBA”) 7(a) Loan program on a temporary basis to provide immediate relief to small businesses and their employees. Small businesses, with less than 500 employees, may use the loan for payroll support, insurance premiums, rent, mortgage payments, and interest on other debts incurred prior to February 15, 2020. Loan forgiveness is provided for portions of the loan.
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