• Congress has just enacted the largest financial relief package in United States history for American small businesses and sole proprietorships, the Paycheck Protection Program.
• Small businesses with fewer than 500 employees (hotels and restaurants with multiple locations may be able to have a higher number of employees) will be permitted to borrow up to 250% of their average monthly payroll costs. Each of these loans is capped at $10 million. Loan proceeds can cover payroll costs, including health insurance costs, retirement contributions, covered leave costs, as well as interest on mortgage payments, interest on other debt obligations incurred prior to February 15, 2020, rent, and utilities.

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