U.S. Senate Bill H.R. 748 - The CARES Act Resource Information



U.S. Senate | Treasury | SBA | Other Agencies

Below are several resources for CDCs to use in understanding the specifics of the CARES Act including resources that will help you better explain to your borrowers, the options available to them under this legislation.


U.S. Senate Bill H.R. 748: CLICK HERE

U.S. Senate Committee on Small Business & Entrepreneurship Resources


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U.S. Department of the Treasury Guidance for the Paycheck Protection Program

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
  • Treasury PPP Website: CLICK HERE
  • Top-line Overview of PPP (3/31/2020): CLICK HERE
  • SBA Paycheck Protection Program Loan Report (4/16/2020): CLICK HERE
  • SBA Paycheck Protection Program Loan Report Round 2 (8/8/2020): CLICK HERE
  • SBA Paycheck Protection Program Loan Level Data: CLICK HERE
  • Borrower Information
  • Borrower Information Sheet (3/31/2020): CLICK HERE
  • Borrower Application Form (revised 6/24/2020): CLICK HERE
  • Borrower Application Form (revised 6/12/2020): CLICK HERE
  • Borrower Application Form (revised 6/11/2020): CLICK HERE
  • Borrower Application Form (4/2/20): CLICK HERE
  • Applicable Affiliation Rules: CLICK HERE
  • How to Calculate Loan Amounts: CLICK HERE
  • Loan Forgiveness Application Form EZ Instructions: CLICK HERE
  • Loan Forgiveness Application Form EZ: CLICK HERE
  • Loan Forgiveness Application Instructions (revised 6/16/2020): CLICK HERE
  • Loan Forgiveness Application (revised 6/16/2020): CLICK HERE
  • Guidance on Refinance of EIDL Loans with PPP Loan Proceeds and Lender Remittance of EIDL Refinance Proceeds to SBA (6/22/2020): CLICK HERE
  • Search Tool: Find an Eligible Lender: CLICK HERE
  • Lender Information
  • Lender Application Form (revised 6/24/2020): CLICK HERE
  • Lender Information Sheet: CLICK HERE
  • Lender Application Form (revised 6/12/2020): CLICK HERE
  • Lender Application Form (revised 6/11/2020): CLICK HERE
  • Lender Application Form (4/2/2020): CLICK HERE
  • Lender Application Form for Federally Insured Depository Institutions, Federally Insured Credit Unions, and Farm Credit System Institutions (7/20/2020): CLICK HERE
  • Lender Application Form for Non-Bank and Non-Insured Depository Institution Lenders (7/20/2020): CLICK HERE
  • Guidance on Whole Loans Sales of PPP Loans: CLICK HERE
  • Guidance on PPP Lender Processing Fee Payment and 1502 Reporting Process: CLICK HERE
  • Guidance on Extension of Authority to Guarantee PPP Loans: CLICK HERE
  • Guidance on Updated PPP Lender Processing Fee Payment and 1502 Reporting Process: CLICK HERE
  • Guidance on Procedures for Lender Submission of PPP Loan Forgiveness Decisions to SBA and SBA Forgiveness Loan Reviews: CLICK HERE
  • Program Rules
  • Frequently Asked Questions: CLICK HERE
  • Frequently Asked Questions on Loan Forgiveness (8/11/2020): CLICK HERE
  • Interim Final Rule 1 (4/2/2020): CLICK HERE
  • Interim Final Rule on Applicable Affiliation Rules (4/3/2020): CLICK HERE
  • Interim Final Rule on Additional Eligibility Criteria and Requirements for Certain Pledges of Loans (4/14/2020): CLICK HERE
  • Interim Final Rule on Requirements for Promissory Notes, Authorizations, Affiliation, and Eligibility (4/24/2020): CLICK HERE
  • Interim Final Rule on Additional Criterion for Seasonal Employers (4/28/2020): CLICK HERE
  • Interim Final Rule on Disbursements (4/28/2020): CLICK HERE
  • Interim Final Rule on Corporate Groups and Non-Bank and Non-Insured Depository Institution Lenders (originally posted 4/30/2020): CLICK HERE
  • Interim Final Rule on Nondiscrimination and Additional Eligibility Criteria (5/5/2020): CLICK HERE
  • Interim Final Rule on Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan Request (5/8/2020): CLICK HERE
  • Interim Final Rule on Loan Increases (5/13/2020): CLICK HERE
  • Interim Final Rule on Eligibility of Certain Electric Cooperatives (5/14/2020): CLICK HERE
  • Interim Final Rule on Treatment of Entities with Foreign Affiliates (5/18/2020): CLICK HERE
  • Interim Final Rule on Second Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan and Lender Reporting (5/20/2020): CLICK HERE
  • Interim Final Rule on Loan Forgiveness (5/22/2020): CLICK HERE
  • Interim Final Rule on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities (5/22/2020): CLICK HERE
  • Interim Final Rule on Eligibility of Certain Telephone Cooperatives (6/5/2020): CLICK HERE
  • Interim Final Rule on Revisions to First Interim Final Rule (originally posted 6/11/2020): CLICK HERE
  • Interim Final Rule on Additional Revisions to First Interim Final Rule (originally posted 6/12/2020): CLICK HERE
  • Interim Final Rule on Revisions to the Third and Sixth Interim Final Rules (originally posted 6/17/2020): CLICK HERE
  • Interim Final Rule on Revisions to Loan Forgiveness Interim Final Rule and SBA Loan Review Procedures Interim Final Rule (6/22/2020): CLICK HERE
  • Interim Final Rule on Additional Eligibility Revisions to First Interim Final Rule (originally posted 6/24/2020): CLICK HERE
  • Interim Final Rule on Certain Eligible Payroll Costs (originally posted 6/25/2020): CLICK HERE
  • Interim Final Rule on Appeals of SBA Loan Review Decisions Under the PPP (originally posted 8/11/2020): CLICK HERE
  • Interim Final Rule on Treatment of Owners and Forgiveness of Certain Nonpayroll Costs (originally posted 8/24/2020): CLICK HERE
Economic Injury Disaster Loans
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.

The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic.

This program is for any small business with fewer than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

The Economic Injury Disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid.
  • Frequently Asked Questions for Faith-Based Organizations Participating in the Paycheck Protection Program and the Economic Injury Disaster Loan Program: CLICK HERE
  • Apply for a COVID-19 Economic Injury Disaster Loan and loan advance: CLICK HERE

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SBA Guidance for the Paycheck Protection Program


Notice: Paycheck Protection Program closed August 8, 2020

Current law dictates that the Paycheck Protection Program (PPP) close at the end of August 8, 2020. As such, SBA is no longer accepting PPP applications from participating lenders.


Notice: PPP Resumes April 27, 2020

The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT.


PPP Lending Operations Update – Sunday, April 26, 2020

Due to the unprecedented demand for Paycheck Protection Program loans by the nation’s small businesses and to ensure equitable access and system integrity, SBA and Treasury are taking prudent and reasonable steps to protect SBA’s loan systems for the next phase of PPP loan processing.

SBA and Treasury are implementing the following measures:
  • Pacing the number of loans processed in the E-Tran system for participating lenders when processing resumes on Monday, April 27, 2020 at 10:30 am EDT;
  • Instituting a maximum dollar amount at 10% of PPP funding authority that any lending institution will be able to originate, exclusive of the additional $60 billion preserved for lenders with assets under $50 billion (i.e. $60 billion cap);
  • Implementing operational standards to ensure that lenders access PPP funds based on their asset size;
  • Ensuring the Paycheck Protection Program continues to operate on a first-come, first-serve basis so that every small business has access to PPP loans to sustain their business and retain their employees; and
  • Issuing the following guidance (memo attached) for lenders who have received a significant amount of loan applications.
SBA and Treasury value all lenders and their small business customers and will continue to provide updates to the PPP lending community as loan processing resumes this week. CLICK HERE to download the full memo.


Small Business Administration [Docket No. SBA-2020-0015]

13 CFR Part 120
Business Loan Program Temporary Changes; Paycheck Protection Program
RIN 3245-AH34
Agency: U. S. Small Business Administration.
Action: Interim Final Rule.
Summary: This interim final rule announces the implementation of sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). Section 1102 of the Act temporarily adds a new product, titled the “Paycheck Protection Program,” to the U.S. Small Business Administration’s (SBA’s) 7(a) Loan Program. Section 1106 of the Act provides for forgiveness of up to the full principal amount of qualifying loans guaranteed under the Paycheck Protection Program. The Paycheck Protection Program and loan forgiveness are intended to provide economic relief to small businesses nationwide adversely impacted under the Coronavirus Disease 2019 (COVID-19) Emergency Declaration (COVID-19 Emergency Declaration) issued by President Trump on March 13, 2020. This interim final rule outlines the key provisions of SBA’s implementation of sections 1102 and 1106 of the Act in formal guidance and requests public comment.

Full Document: CLICK HERE


Small Business Administration [Docket No. SBA-2020-0019]

13 CFR Part 121 Business Loan Program Temporary Changes; Paycheck Protection Program
RIN [3245-AH35]
AGENCY: U. S. Small Business Administration.
ACTION: Interim Final Rule.
SUMMARY: On April 2, 2020, the U.S. Small Business Administration (SBA) issued an interim final rule (the Initial Rule) announcing the implementation of sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). Section 1102 of the Act temporarily adds a new program, titled the “Paycheck Protection Program,” to the SBA’s 7(a) Loan Program. Section 1106 of the Act provides for forgiveness of up to the full principal amount of qualifying loans guaranteed under the Paycheck Protection Program. The Paycheck Protection Program and loan forgiveness are intended to provide economic relief to small businesses nationwide adversely impacted by the Coronavirus Disease 2019 (COVID-19). This interim final rule supplements the Initial Rule with additional guidance regarding the application of certain affiliate rules applicable to SBA’s implementation of sections 1102 and 1106 of the Act and requests public comment.

Full Document: CLICK HERE


Small Business Administration Affiliation Rules Guidance

April 3, 2020
AFFILIATION RULES APPLICABLE TO U.S. SMALL BUSINESS ADMINISTRATION PAYCHECK PROTECTION PROGRAM

Full Document: CLICK HERE


Small Business Administration Docket No. SBA-2020-[ ]

13 CFR Part 120 Business Loan Program Temporary Changes; Paycheck Protection Program – Additional Eligibility Criteria and Requirements for Certain Pledges of Loans
RIN [ ]
AGENCY: U. S. Small Business Administration.
ACTION: Interim Final Rule.
SUMMARY: On April 2, 2020, the U.S. Small Business Administration (SBA) posted an interim final rule (the First PPP Interim Final Rule) announcing the implementation of sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). Section 1102 of the Act temporarily adds a new program, titled the “Paycheck Protection Program,” to the SBA’s 7(a) Loan Program. Section 1106 of the Act provides for forgiveness of up to the full principal amount of qualifying loans guaranteed under the Paycheck Protection Program (PPP). The PPP is intended to provide economic relief to small businesses nationwide adversely impacted by the Coronavirus Disease 2019 (COVID-19). This interim final rule supplements the First PPP Interim Final Rule with guidance for individuals with self employment income who file a Form 1040, Schedule C. This rule also addresses eligibility issues for certain business concerns and requirements for certain pledges of PPP loans. This interim final rule supplements SBA’s implementation of sections 1102 and 1106 of the Act and requests public comment.

Full Document: CLICK HERE


Paycheck Protection Program Overview

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. Click hereto read more about PPP loan forgiveness.

How To Apply

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program. View a list of lenders participating in the Paycheck Protection Program by state.

If you wish to begin preparing your application, you can download a copy of the PPP borrower application form (revised June 24, 2020)to see the information that will be requested from you when you apply with a lender.

Supplemental Materials
Affiliation Rules
Coronavirus recovery information in languages other than English


Loan Details and Forgiveness

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll).

Frequently Asked Questions about PPP Loan Forgiveness (08-11-2020)
  • PPP loans have an interest rate of 1%.
  • Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years.
  • Loan payments will be deferred for six months.
  • No collateral or personal guarantees are required.
  • Neither the government nor lenders will charge small businesses any fees.

Loan Forgiveness
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. The loan forgiveness form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
  • Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
  • Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined


Who Can Apply

The following entities affected by Coronavirus (COVID-19) may be eligible:
  • Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
  • Sole proprietors, independent contractors, and self-employed persons
  • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    • 500 employees, or
    • That meets the SBA industry size standard if more than 500


Lender Forms and Guidance

Paycheck Protection Program Interim Final Rules
SBA has issued the following Interim Final Rules related to the Paycheck Protection Program:

Additional Guidance for Lenders
SBA Procedural Notice on Extension of Authority to Guarantee Paycheck Protection Program Loans.

SBA Procedural Notice on Participation Sales for Paycheck Protection Program Loans. The purpose of this Notice is to provide guidance to Lenders approved to participate in the Paycheck Protection Program regarding the sale of participating interests in PPP loans.

SBA Procedural Notice on Whole Loan Sales for Paycheck Protection Program Loans. This notice provides guidance on the procedures for completing whole loan sales of PPP loans between participating lenders.

SBA Procedural Notice on Lender Processing Fee Payment and 1502 Reporting Process for the Paycheck Protection Program. The purpose of this Notice is to inform PPP Lenders of the reporting process through which PPP Lenders will report on PPP loans and collect the processing fee on fully disbursed loans which they are eligible to receive.

SBA Procedural Notice on Refinance of EIDL Loans with PPP Loan Proceeds and Lender Remittance of EIDL Refinance Proceeds to SBA: The notice informs PPP Lenders regarding how loan proceeds must be used to refinance SBA Economic Injury Disaster Loans (EIDL). The notice also informs PPP Lenders of the procedure for remitting to the SBA any PPP loan proceeds designated for the refinance of an EIDL.

SBA Information Notice on Guidance Regarding Identification and Reporting of Suspicious Activity in the COVID-19 EIDL Loan Program:The purpose of this Notice is to provide a brief overview of COVID-19 assistance available under SBA’s Economic Injury Disaster Loan (EIDL) Program, including both advances (grants) and direct loans, and to alert depository financial institutions to the potential for suspicious activity related to COVID-19 EIDL funds deposited into business or personal accounts.

SBA Procedural Notice on Procedures for Lender Submission of Paycheck Protection Program Loan Forgiveness Decisions to SBA and SBA Forgiveness Loan Reviews:The purpose of this Notice is to inform Paycheck Protection Program (PPP) Lenders of the processes for submitting decisions on PPP borrower loan forgiveness applications to SBA, requesting payment of the forgiveness amount determined by the Lender, SBA loan forgiveness reviews and payment of the loan forgiveness amount determined by SBA.

Lender Forms

SBA and Treasury will consider applications for participation as PPP lenders from community development financial institutions and minority-, women-, veteran-, and military-owned lenders based on factors including those described on SBA Form 3507, including in cases where the lender does not meet all of the requirements listed on that form. Among other criteria, SBA and Treasury will give strong consideration to the types of financial services provided by the lender; the lender’s compliance programs, including related to Bank Secrecy Act; and the number and dollar amount of small business loans originated and serviced by the lender in a 12-month period over the past 36 months.

Lender Submission Information
If you would like to submit loan authorization requests via our the online Paycheck Protection Lender Gateway, click here and follow the steps below:
    1. Create an account on SBA Connect.
    2. Request authorization to the Paycheck Protection Lender Gateway by providing your FRS, FDIC, or NCUA number as well as your authorization number.
    3. Proceed to the Paycheck Protection Program Lender Gateway to begin submitting loan authorization requests.

Lender Assistance
Lenders who need assistance accessing SBA's E-Tran system may call our Lender Customer Service Line at 1-833-572-0502.


Other Assistance

Enhanced Debt Relief is also available in SBA’s other business loan programs to help small businesses overcome the challenges created by this health crisis.

For information on traditional SBA lending options, please click here.

SBA provides local assistance via 68 district offices and a nationwide network of resource partners. To find resources near you, please click here.


Additional Program Information


Summary of cumulative Paycheck Protection Program data as of 11:59 PM EDT on Aug 8, 2020.

Approved Loans

Approved Dollars

Average Loan Size

Participating Lenders

5,212,128 $525,012,201,124 $100,729 5,460

Paycheck Protection Program Loan Data

All Data

To download all Paycheck Protection Program data through August 08, 2020, click here. A summary of key data aspects is available here.

Data by State
  • To download Paycheck Protection Program loans of $150,000 and above for all 56 states, territories, and the District of Columbia, click here.

  • The publicly released PPP data is based on information submitted by the lender to SBA. To request an update, please fill out this form.


    Paycheck Protection Program Reports

    Latest report: Paycheck Protection Program approved lending through August 08, 2020

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    Other Resources


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