Venable – On March 31, 2020, the U.S. Department of the Treasury and the Small Business Administration (SBA) released the application form for businesses to apply for and obtain loans under the Paycheck Protection Program. This program, established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), provides $349 billion for small business loans to cover qualified payroll costs, rent, utilities, and interest on mortgage and other debt obligations. To obtain a loan, a qualifying small business should submit an application through an SBA- and Treasury- approved bank, credit union, or nonbank lender.
