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H.R.748 - CARES Act

• https://www.congress.gov

Coronavirus Aid, Relief, and Economic Security Act or the CARES Act

This bill responds to the COVID-19 (i.e., coronavirus disease 2019) outbreak and its impact on the economy, public health, state and local governments, individuals, and businesses.

DIVISION A--KEEPING WORKERS PAID AND EMPLOYED, HEALTH CARE SYSTEM ENHANCEMENTS, AND ECONOMIC STABILIZATION

This division establishes the Paycheck Protection Program to provide eight weeks of cash flow assistance to small businesses through federally guaranteed loans to employers who maintain their payroll. Such assistance shall be to cover costs such as payroll, paid sick leave, supply chain disruptions, and employee salaries. The division further provides that certain amounts owed on such loans are eligible to be forgiven.

The division also authorizes the Small Business Administration (SBA) to provide advances on SBA emergency disaster loans for small businesses that have applied for such loans due to the COVID-19 pandemic.


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