Section 1102 of The CARES Act, entitled Paycheck Protection Program (PPP) allocated $349 billion to provide 100% federally guaranteed loans to small businesses to assist in keeping workers employed.
Over the past few weeks, hundreds of thousands of applications for loans under the PPP were submitted to banks nationwide, and likely many more will be submitted if the Program continues to be further funded by the U.S. Government.
Up to this point, small businesses were focused on completing their application and receiving confirmation that their loan was Small Business Administration (SBA) approved. With that approval, banks have begun this week to process the approved loan documents with their respective clients and actual loan funding has commenced.
Download this Paycheck Protection Program Whitepaper
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