FAQs on Paycheck Protection Program Loans: The SBA's Interpretation of the CARES Act
Overview
The U.S. Department of the Treasury released a set of frequently asked questions late on April 6, 2020, to clarify several issues with Paycheck Protection Program loans. These FAQs present the SBA’s interpretation of several provisions of the program, in some cases contradicting interpretations from banks, lawyers, and other advisors. A summary of some of the most important FAQs is provided, along with guidance as to what applicants should do if they had already applied before this guidance was issued.