Hunton Employment & Labor Perspectives

On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. One aspect of the CARES Act, the Paycheck Protection Program (PPP), permits certain employers to obtain forgivable loans in order to keep employees on the job and to pay overhead costs.

Below are 10 facts small business owners should know about the PPP, which is administered by the Small Business Administration’s (SBA) 7(a) Loan Program.