On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) into law. The CARES Act provides significant new funding to small businesses in the United States for the period covering March 1, 2020 through December 31, 2020. The provisions of the CARES Act directed at small businesses provide a significant increase in the funding that will immediately become available through use of the existing 7(a) loan program, which is administered by the United States Small Business Administration (the “SBA”).
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