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Borrowers under the Cares Act new “Paycheck Protection Program” may be be able to get loans which turns into grants, if used to make payroll. Forgiveness is offered for salaries (plus benefits) spent in an amount equal payroll during the eight-week period following the origination date of the loan on:

  • Payroll costs;
  • Interest on mortgages;
  • Rent on leases; and
  • Utilities.

Forbes: “Assuming that many readers will be looking at the loan programs in both the CARES Act and earlier legislation that was adopted in earlier March, this post is organized as follows: (1) what businesses should do now; (2) the expanded SBA Section 7(a) loan program and the SBA Economic Injury Disaster Loan (EIDL) program; and (3) other business favorable elements of the CARES Act…”

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