Summary of Paycheck Protection Program and Tax Relief and Incentives under the CARES Act
March 27, 2020
On March 25, 2020, the United States Senate passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) by a vote of 96-0. This federal stimulus bill appropriates $349 billion in loans to small businesses through the newly created Paycheck Protection Program under amendments to Section 7(a) of the Small Business Act (SBA). The House of Representatives passed the CARES Act on Friday, March 27, 2020, and President Trump signed it immediately upon House passage. Fishman Haygood has prepared this helpful summary that focuses primarily on the assistance to small businesses provided by the Paycheck Protection Program and tax relief and incentives under the CARES Act.