By: Kyle D. Kring and Kerri N. Polizzi
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") established the Paycheck Protection Program ("PPP") to provide federally-backed, forgivable loans administered by the U.S. Small Business Administration ("SBA") to aid employers who maintain their payroll during the coronavirus pandemic. On June 5, 2020, the Payroll Protection Program Flexibility Act of 2020 ("Flexibility Act") was enacted to modify key PPP loan provisions to allow more borrowers to achieve complete loan forgiveness.