April 2, 2020
The CARES Act: Resources for Small Businesses and Nonprofit Organizations Impacted by the COVID-19 Crisis
H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (the ‘‘CARES Act’’) was signed into law on March 27, 2020. The CARES Act provides emergency assistance for individuals, families, businesses, and nonprofit organizations affected by the novel coronavirus pandemic (“COVID-19”). While the CARES Act includes multiple COVID-19 relief efforts, this update provides an overview of the new Paycheck Protection Program (“PPP”) and changes to the Small Business Administration’s (“SBA”) existing Economic Injury Disaster Loan (“EIDL”) Program.