Treasury Department Issues Guidance (and Application) for Paycheck Protection Program Loans
Morrison & Foerster – On Tuesday afternoon, the Treasury Department released its guidance concerning the Paycheck Protection Program (PPP), which was authorized by Congress under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Under the PPP, qualified small businesses, eligible non‑profits, self-employed individuals, and independent contractors may apply for loans to cover payroll costs, rent, and utilities. Some or all of the loan amounts may be forgiven as long as designated criteria are fulfilled.
