PUBLICATION D65B
Paycheck Protection Program: Round II
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Summary
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law by President Trump in response to the COVID-19 pandemic. The CARES Act allocated $349 billion to support small business owners and their workforce due to the current economic disruption caused by COVID-19. The funds were awarded on a first-come-first-serve basis and were exhausted in about a week’s time. On April 24, the Paycheck Protection Program and Health Care Enhancement Act was signed into law.
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