May 26, 2020 10 minutes to read ∙ 2300 words

Good-Faith Determinations under the CARES Act Paycheck Protection Program

By Mark D. Hobson

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Reprinted with permission from Business Law Today, May 14, 2020. ©2020 by the American Bar Association. All rights reserved. This information or any or portion thereof may not be copied or disseminated in any form or by any means or stored in an electronic database or retrieval system without the express written consent of the American Bar Association.

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act).In section 1102 of the CARES Act, Congress established the Paycheck Protection Program (PPP), which provides for hundreds of billions of dollars’ worth of loans under section 7(a) of the Small Business Act (SBA)to borrowers that consist of, among others, eligible small businesses.

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