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The Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020, and the subsequent Emergency Coronavirus Relief Act (ECRA) within the Consolidated Appropriations Act (CCA) in December of 2020 allocated hundreds of billions to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program 1 (PPP1) and Paycheck Protection Program 2 (PPP2), these relief initiatives provide 100% federally guaranteed loans at 1% interest to small businesses where all loan terms will be the same for everyone. 
Importantly, qualified portions of these loans may be forgiven if borrowers use the loans for the following purposes over the 8 or 24 week period after the loan is made, and employee and compensation levels are maintained as they were prior to the coronavirus:● Payroll costs for those whose primary residence is the United States● Most mortgage interest and rent● Utility costs● Operating costs related business software● Supplier costs for physical goods needed to run the business● Damage costs related to social disturbances during 2020● Safety costs to protect employees and customers
Payroll costs are capped at $100,000 of gross salary on an annualized basis for each employee. At least 60% of the forgiven amount must be spent on payroll costs to receive full forgiveness. Loan payments are automatically deferred until the SBA forgives the loan or 10 months after the end of the loan period if borrow doesn't apply for forgiveness.