Lender Considerations During PPP Loan Forgiveness Review and After

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted to provide emergency assistance and healthcare response for individuals, families and businesses. Under Sections 1102 and 1106, the Small Business Administration (SBA) was given funding to establish a new loan program to assist small businesses nationwide that were negatively impacted by COVID-19. The program provides a 100 percent SBA guaranty and forgiveness up to the full principal amount of the qualifying loan. This program is known as the Paycheck Protection Program (PPP).