On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) into law providing, among other relief, up to $349,000,000 to fund loans to small businesses affected by the outbreak of COVID-19 (“Paycheck Protection Program”). The program is being administered by the U.S. Small Business Administration (the “SBA”) and the loans will be 100% federally-guaranteed.  On April 10, 2020 U.S. Department of the Treasury released updated FAQs providing further clarification of the Paycheck Protection Program.

• Paycheck Protection Program Loan Application Form (UPDATED April 2, 2020), which is a streamlined four-page form that can be found at:

Paycheck Protection Loan Application

• Updated affiliation rules applicable to U.S. Small Business Administration Paycheck Protection Program

Affiliation Rules

• “Paycheck Protection Program (PPP) FAQs” which can be found at:

Paycheck Protection Program FAQs

We encourage our clients to reach out not only to us, but also to their local business bankers/lenders with any questions that they may have regarding the Paycheck Protection Program.

If you have any questions, please feel free to reach out to our Commercial Finance and Secured Lending attorneys Brett P. Garver at (516) 880-7266 or bgarver@moritthock.com, Christine H. Price at (516) 265-1176 or cprice@moritthock.com, and Brian P. Boland at (516) 880-7239 or bboland@moritthock.com.