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Client Alert: Availability of CARES Act Small Business Loans

Client memorandum | April 6, 2020

Commencing on April 3, 2020, lenders participating in the U.S. Small Business Administration’s (“SBA”) Paycheck Protection Program (the “Program”) established by Congress in the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) may begin accepting loan applications from qualified small businesses (including certain not-for-profit organizations). It is expected that there will be significant demand for such loans, since the CARES Act provides that in addition to a low interest rate, the loans are forgivable under certain circumstances.

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This communication is for general information only. It is not intended, nor should it be relied upon, as legal advice. In some jurisdictions, this may be considered attorney advertising. Please refer to the firm’s data policy page for further information.