Paycheck Protection Program and Forgivable Loans Under the Program
The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law on Friday, March 27, 2020 by President Trump, providing $2 trillion in stimulus funding. The CARES Act includes a potentially forgivable loan called the Paycheck Protection Loan in order to encourage employers to retain and re-hire employees.
Paycheck Protection Program is meant to help small businesses (fewer than 500 employees) impacted by the pandemic and economic downturn to make payroll and cover other expenses from February 15 to June 30.
We will continue to monitor and keep you updated as additional information and guidance is released. If you have any questions or need further assistance, please contact us, 517.323.7500.
Posted updated on 4/3/2020