Morrison Foerster – As many companies are likely aware by now, Small Business Administration (SBA) loans under the Paycheck Protection Program (PPP) provide aid to qualifying small businesses in the form of loans with terms favorable to borrowers, including, in particular, provisions that allow potentially the entire loan amount to be forgiven if the proceeds are spent on payroll and other qualifying expenses. The PPP is part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). There are many paths to qualifying as a small business under the CARES Act, one of which is if the company (with its affiliates) has 500 or fewer employees.
