CARES ACT-Paycheck Protection Program
On Friday, March 27th, the Coronavirus Aid, Relief and Economic Security Act (CARES) was passed. This Act allocates $350 billion in emergency loans to help eligible small businesses who have been affected by the COVID-19 pandemic. Specifically, the Paycheck Protection Program (PPP) provides 100% federally guaranteed loans to eligible employers who maintain their payroll during this emergency. This program will be funded through the Small Business Administration (SBA) and administered by financial institutions. First Volunteer Bank will be participating in this program.
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