On Friday, March 27, 2020, Congress passed the $2 trillion Coronavirus Aide, Relief, and Economic Security (CARES) Act. It specifically allocates $350 billion dollars to help small businesses keep people employed. This portion of the bill, known as the Paycheck Protection Program, provides 100% federally guaranteed loans to small businesses. And, if the loan is used within certain guidelines, the loan is forgivable.
We’ve created a quick overview below to help you understand the opportunity and if it might be right for your O&P clinic. As always, consult your accountant regarding the bill details and your specific situation.