Primer on the CARES Act SBA Payment Protection Loan Program

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Authors: Lydia J. Hwang and Nadav Orian Peer

This primer provides a user-friendly, step-by-step explanation of the Paycheck Protection Loan Program enacted last week as part of the CARES Act (Mar. 27, 2020). This $350 billion program will provide small businesses, the self-employed and non-profits with resources to weather the coming two months. As explained in the Primer, loans under the program are intended to be forgiven, such that they essentially operate as grants (no repayment required).

You can access a .pdf of the primer here.