First Analysis: CARES Act Paycheck Protection Program Summary

Summary

On March 31, 2020, the U.S. Department of the Treasury and the U.S. Small Business Administration (SBA) released a summary of the Paycheck Protection Program (PPP), which was enacted into law as part of the CARES Act. On April 2, 2020, the SBA released an interim final rule on the implementation of the PPP. On April 3, 2020, the SBA released an interim final rule on the application of the affiliation rules to the PPP and a summary of the SBA’s affiliation rules relating to the PPP. Below is a summary of the key provisions in the CARES Act and related PPP guidance.