The Coronavirus Aid, Relief and Economic Security (CARES) Act was voted on at the end of March and it includes many different strategies to provide economic relief during this pandemic. One program that may be of interest to our business community is the Paycheck Protection Program.
The Paycheck Protection Program (PPP) loans, unlike Economic Injury Disaster (EIDL) loans, are processed through any existing Small Business Administration (SBA) 7(a) lender or through any participating federally insured depository institution, federally insured credit union, and Farm Credit System institution. You should consult with your local lender as to whether it is participating. Our office has compiled a list of local participating lenders. Please note that this list only includes local lenders and will be updated.
For more information on the CARES Act, Congresswoman Trahan's Office has put together a comprehensive summaryof the $2 trillion stimulus package.