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The most important provision in the CARES Act for small businesses is the new Paycheck Protection Program. This emergency loan can be forgiven when used to maintain payroll for eight weeks, and it expands the network so more banks, credit unions and lenders can issue these loans.
In addition to payroll expenses, the new loans can be used to cover a business’s rent and utilities and other cash flow needs. For more info visit:https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp …
