On March 27, President Trump signed the CARES Act to provide emergency assistance for individuals and businesses affected by the coronavirus pandemic. The Act gave the U.S. Small Business Administration (SBA) funding and authority to establish a new loan program to assist small businesses called the Paycheck Protection Program.
Today, The SBA issued an interim final rule to shed further light on the implementation process of the Paycheck Protection Program. This rule is being issued to allow for immediate implementation of this program, as businesses are able to begin applying for the Paycheck Protection Program tomorrow April 3, 2020.
Source: U.S. Department of Treasury Guidance, April 2020