Authored by Mike Avent, Joe Bailey, David Fletcher, Teri Lindquist, Andy Smetana, and Kris Yoshizawa
As has been widely reported, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020 as an approximately $2 trillion relief measure to address the COVID-19 outbreak and economic fallout. This legislation and other recent legislation related to the COVID-19 outbreak provide opportunities for funding for “small business concerns” in the form of Paycheck Protection Program (PPP) Loans, Economic Industry Disaster Loans (EIDLs), and related emergency grants, as well as loan programs for mid-size businesses with 500-10,000 employees (the Mid-Size Business Loan Program) and certain industry-specific loans. A comparison of these programs is provided in the matrix below. Additional information regarding programs available for “small business concerns” is available here, and additional information regarding the Mid-Size Business Loan Program and industry-specific loans is available here.
Comparison of CARES Act Loan Programs