Article Written By: The Surety & Fidelity Association of America
Last week Congress approved a $2 Trillion lesgislative package (CARES Act) that included povisions to allocate $350 billion for federally-backed loans to support US companies with less than 500 employees. The Paycheck Provention Program included as part of the legislative stimulus signed into law last week, is separate from the SBA program’s Economic Injury Disaster Loans (EIDL), which has been available for companies experiencing financial hardship as a result of COVID-19 since early March.
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