CARES Act: Forgivable Loan Program Explained
Introduced as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Paycheck Protection Program is a lifeline for small businesses, injecting capital just when they need it most. The program offers nearly $350 billion in federally guaranteed loans, but the hallmark is that the loans can be partially or fully forgivable, provided certain criteria are satisfied.
KSM’s experts joined representatives from First Merchants Bank and Ice Miller to discuss how the program works, who is eligible, and how to start taking advantage of the benefits it offers. Topics covered in the webinar include:
- Who is eligible
- The program’s requirements
- How loan funds can be used
- Steps to take to ensure loan forgiveness
- How to apply
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