Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, the U.S. Small Business Administration (the “SBA”) and the U.S Treasury Department (“Treasury”) have issued a sizable number of rules and additional guidance to implement the CARES Act’s marquee small business loan component – the Paycheck Protection Program (the “PPP”).

On April 24, 2020, the Paycheck Protection Program and Health Care Enhancement Act (the “PPPHCEA”) was signed into law, which increased the funding available for the PPP by $310 billion, bringing the total funding amount to $659 billion.i On June 5, 2020, HR 7010 (Paycheck Protection Program Flexibility Act of 2020 (the “PPPFA”)) was signed into law, which amends various aspects of the CARES Act regarding PPP loan forgiveness, payroll tax deferral, and loan maturity dates. On July 4, 2020, Congress passed and the President signed into law S.4116, which extended the deadline for applying for a PPP loan from June 30, 2020 to August 8, 2020.