The Rand Guide to the SBA Paycheck Protection Program

The Coronavirus Aid, Relief, and Economic Security Act, or “CARES Act” includes a range of measures designed to address the medical and economic concerns generated by the coronavirus, including the expansion of unemployment insurance to cover self-employed individuals and independent contractors.

One of those measures is called the Paycheck Protection Program (“PPP”), which is a loan from the Small Business Association (“SBA”) that is available to certain types of small businesses to cover payroll and other normal business expenses. Most importantly, the PPP provides for a forgivable loan – meaning that you do not need to pay the SBA back if you maintain pre-crises payroll levels.


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