Yes, the Paycheck Protection Program will provide loans to small
businesses (fewer than 500 employees) to cover employee wages, rent,
and other essential expenses incurred between February 15th and June
30th, 2020. Coronavirus Aid, Relief, and Economic Security Act, PL
116-136 § 1102 (2020). Eight weeks of these expenses may be forgiven.
(Coronavirus Aid, Relief, and Economic Security Act, PL 116-136 §
1108(2020). The SBA now also considers the coronavirus a "disaster"
for the purposes of qualifying for Economic Injury Disaster Loans.
(The Coronavirus Preparedness and Response Supplemental Appropriations
Act, PL 116-123, § 2 (2020) ). Applicants will be given a $10,000
advance grant which will not need to be repaid. Please note that
applicants cannot use multiple SBA loans to cover the same expenses
for the same time period. For more information on these low-interest
loans please visit (insert link). In addition, for mid-sized
businesses (501-10,000) the Secretary of Treasury is authorized to
establish a low interest loan program with an annualized interest rate
capped at 2% and principal and interest deferment for at least six
months. (The Coronavirus Preparedness and Response Supplemental
Appropriations Act, PL 116-123, § 4003 (2020) )