Early this morning, the United States Senate unanimously approved Senate Bill 3548 allowing the expansion of the SBA 7(a) loan program to provide economic relief to small businesses through the new Paycheck Protection Program.
The bill will need to be approved by the United States House of Representatives and President Trump. The House is expected to vote on Thursday or Friday. The United States Small Business Administration will also need to issue guidelines regarding this program. For the approved version of the bill, please click here. For a summary of the Paycheck Protection Program, click here.
If you have any questions, please contact attorney Mark Sarlson by phone at 216.615.4855 or by email at msarlson@ralaw.com.