{"id":1341,"date":"2020-04-03T16:31:57","date_gmt":"2020-04-03T16:31:57","guid":{"rendered":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/?p=1341"},"modified":"2026-02-06T17:16:56","modified_gmt":"2026-02-06T22:16:56","slug":"cares-act-small-business-administrations-payroll-protection-loan-program-explained","status":"publish","type":"post","link":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/2020\/04\/03\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\/","title":{"rendered":"CARES Act \u2013 Small Business Administration\u2019s Payroll Protection Loan Program Explained"},"content":{"rendered":"<p>The CARES Act\u2019s economic stimulus package expands eligibility and other terms of lending programs administered by the Small Business Administration (\u201cSBA\u201d).\u00a0 The <a href=\"https:\/\/home.treasury.gov\/policy-issues\/top-priorities\/cares-act\/assistance-for-small-businesses\" target=\"_blank\" rel=\"noopener noreferrer\">\u201cPayroll Protection\u201d loan program<\/a> provides qualified small businesses and non-profits with favorable loan terms to cover employee salaries, payroll support (including paid sick or medical leave), mortgage, rent and utility payments, insurance premiums, and other d\u00ad\u00ad\u00ad\u00ad\u00ad\u00ad\u00adebt obligations.\u00a0 Importantly, a prospective borrower is still eligible to apply for a Payroll Protection loan even if it has laid off employees or shut down operations.<\/p>\n<p>We recommend that any business or non-profit considering a loan under the CARES Act first review the primary features of the loan program, then drill down to further examine (1) whether it will in fact qualify as an eligible small business or non-profit and (2) the maximum loan amount available for borrowing.<\/p>\n<h2>General Features of the Payroll Protection Loan Program<\/h2>\n<p><strong>Eligibility<\/strong><\/p>\n<p>The CARES Act program covers small business concerns and Section 501(c)(3) non-profit organizations with 500 or fewer employees (unless the covered industry\u2019s SBA size standard allows more than 500 employees).\u00a0 For purposes of determining the number of employees, the term employee includes individuals employed on a full-time, part-time, or other basis.\u00a0 There are certain exceptions to the 500-employee threshold that are discussed below.<\/p>\n<p><strong>Maximum Amount of Loan<\/strong><\/p>\n<p>The CARES Act increases the maximum loan amount to the lesser of $10 million, or 2.5 times the average <u>monthly<\/u> total payments for \u201cpayroll costs\u201d (as defined in the Act) during the trailing 12 months.\u00a0 A business or non-profit considering whether this loan program is a good fit should first determine the maximum loan amount available by calculating its average monthly payroll costs, as outlined in more detail below.<\/p>\n<p><strong>Use of Loan Proceeds and Covered Period<\/strong><\/p>\n<p>The Payroll Protection program covers the period beginning on February 15, 2020 and ending on June 30, 2020 (the \u201ccovered period\u201d).\u00a0 Loan proceeds may be used <strong>only<\/strong> for employee salaries, wages, tips and commissions, payroll support (including paid sick, medical or family leave), group health care premiums, state tax payments on compensation, mortgage interest payments (but not any payment or prepayment of principal on a mortgage obligation), rent and utility payments and insurance premiums paid during the covered period, and interest paid during the covered period on debt obligations incurred before the covered period.<\/p>\n<p><strong>Fundamental Loan Terms<\/strong><\/p>\n<ul>\n<li>Maximum term of loan is 10 years.<\/li>\n<li>Interest rate cannot exceed 4%, with interest payments completely deferred for 1 year.<\/li>\n<li>No prepayment penalty.<\/li>\n<li>Eligible borrowers must have been in business on February 15, 2020.<\/li>\n<li>No pledge of collateral or personal guarantee is required.<\/li>\n<li>There is no requirement that the applicant is unable to obtain credit elsewhere.<\/li>\n<li>Applicants must certify that the loan is necessary due to the economic conditions caused by COVID-19; that funds will be used for a permitted purpose; and that they are not receiving funds from another SBA program for the same uses.<\/li>\n<li>No recourse against any individual, member, shareholder, or partner of a loan recipient for non-payment, unless the loan proceeds are used for unauthorized purposes.<\/li>\n<\/ul>\n<h2>Loan Forgiveness (and Potential Reduction in the Forgiveness Amount)<\/h2>\n<p>During the 8-week period beginning on the date a Payroll Protection Loan is funded (the\u00a0\u201c<em>forgiveness period<\/em>\u201d), a borrower will be eligible for forgiveness and cancellation of indebtedness for\u00a0<em>up to<\/em>\u00a0the full principal amount of such loan. The amount eligible for forgiveness is equal to the total costs incurred and payments made during the forgiveness period for (1) payroll, (2) mortgage interest, (3) rent and (4) utilities.<\/p>\n<p>The loan forgiveness amount available to a borrower is subject to reduction if the borrower terminates employees or reduces employee salary and wages during the forgiveness period. There is, however, relief from the forgiveness reduction if the borrower rehires employees or makes up for wage reductions by June 30, 2020.<\/p>\n<h2>Special Considerations<\/h2>\n<ol>\n<li><strong>Is your Business or Non-Profit Eligible?<\/strong><\/li>\n<\/ol>\n<p>For many businesses and non-profits, determining eligibility for a Payroll Protection Loan under the CARES Act will be a straightforward exercise.\u00a0 Generally, any business or non-profit with 500 or fewer employees will be eligible.\u00a0 However, depending on the industry in which a business operates, or its corporate structure, the CARES Act provides important exceptions that may apply to make your business eligible under this loan program.<\/p>\n<p>If your business does not fall within the 500-employee threshold for eligibility, there may be an exception that would allow you to take advantage of the loan program.<\/p>\n<p><strong>Scenario A: You have a hotel or restaurant business with multiple locations, none of which alone has more than 500 employees, but in the aggregate exceed well over 500.<\/strong><\/p>\n<p>Under the Cares Act, businesses in certain industries, including hospitality and restaurant businesses, franchises, and recipients of Small Business Investment Company (SBIC) investment, are tested based on the number of employees <strong><em>per<\/em><\/strong> <strong><em>location<\/em><\/strong>.\u00a0 These Accommodation and Food Sector businesses (with NACIS code beginning with 72) will meet eligibility requirements if they have multiple physical business locations, if no single location has more than 500 employees.\u00a0 Thus, hospitality and restaurant businesses with multiple business locations and more than 500 employees in the aggregate but no more than 500 per location, may still be eligible to receive a covered loan.<\/p>\n<p><strong>Scenario B:\u00a0 How does the size eligibility requirement apply to a group of affiliated parent and subsidiary corporate entities, which, in the aggregate, employ over 500 employees.\u00a0 Does this make each separate entity ineligible for a Payroll Protection loan?<\/strong><\/p>\n<p>The CARES Act contains a provision that allows for each of the parent and subsidiary entities to be considered separately for purposes of meeting the 500-employee threshold.\u00a0 Under ordinary SBA standards, the so-called \u201caffiliate rule\u201d counts the employees of all corporate affiliates (generally defined to mean 50% ownership or contractual control). \u00a0The CARES Act waives the SBA\u2019s affiliation rules to allow for the number of employees of each entity to count separately, thereby allowing subsidiary or portfolio companies to satisfy the 500-employee size requirement.<\/p>\n<ol start=\"2\">\n<li><strong>Must Compensation of Certain High Earners Be Excluded When Calculating the Maximum Loan Amount?<\/strong><\/li>\n<\/ol>\n<p>The short answer is yes, but some explanation is helpful.\u00a0 Before committing to and applying for a Payroll Protection loan under the CARES Act, we recommend that businesses and non-profits analyze and calculate the maximum loan amount available.\u00a0 Under the Act, the maximum loan amount is the lesser of $10 million and 2.5 times the average <em>monthly <\/em>total payments for \u201cpayroll costs\u201d during the 1-year period from the date of the loan.\u00a0 Importantly, the maximum loan amount is tied to an applicant\u2019s payroll costs only, not the other costs the loan proceeds may cover.<\/p>\n<p>The Act broadly defines \u201cpayroll costs,\u201d to include any compensation:<\/p>\n<ul>\n<li>that is a salary, wage, commission, or similar compensation;<\/li>\n<li>payment of cash tip or equivalent;<\/li>\n<li>payment for vacation, parental, family, medical, or sick leave;<\/li>\n<li>allowance for dismissal or separation;<\/li>\n<li>payment required for the provisions of group health care benefits, including insurance premiums;<\/li>\n<li>payment of any retirement benefit;<\/li>\n<li>payment of State or local tax assessed on the compensation of employees; and<\/li>\n<li>the sum of payments of any compensation to or income of a sole proprietor or independent contractor in an amount that is not more than $100,000 in 1 year, as prorated for the covered period.<\/li>\n<\/ul>\n<p>Importantly, the Act excepts from the calculation of average monthly payroll costs the compensation of \u201chigh earners,\u201d such that the compensation of an individual employee in excess of an annual salary of $100,000, as prorated for the covered period, shall not be included.<\/p>\n<p>This does not mean that a business or non-profit would not include the compensation of any employee with an annual salary greater than $100,000.\u00a0 Rather, the amount that can be included in the calculation for employees making over $100,000 annually must be prorated for the covered period (defined under the Act to mean February 15 \u2013 June 30, 2020, i.e., 4.5 months).\u00a0 Thus, when making the calculation, the employer should include the compensation of only those employees whose salaries do not exceed $100,000 when prorated over 7.5 months of the previous year.<\/p>\n<h2>Participating Lenders<\/h2>\n<p>Lenders who are already authorized to make loans under the SBA\u2019s existing Section 7(a) loan program are automatically eligible to make Payroll Protection loans. The SBA and the Treasury Secretary will extend eligibility to additional qualified lenders that do not currently participate in such program. Participating lenders will be permitted to determine borrower eligibility under the Payroll Protection loan program and will be entitled to make and approve Payroll Protection loans without SBA review. Participating lenders will underwrite loans not based on borrower repayment ability, but rather whether the borrower was in operation on February 15, 2020, with one or more employees or independent contractors.<\/p>\n<p><a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Click here to review the Paycheck Protection Program application.<\/a><\/p>\n<p>In summary, the Payroll Protection loan program appears to be a useful tool that small businesses and nonprofits should consider among other options as they weather the economic impact of the pandemic. Each organization should review the features of the loan program, evaluate eligibility and calculate the maximum loan amount. If you need assistance with this process, please contact your attorney at Bowditch.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The CARES Act&rsquo;s economic stimulus package expands eligibility and other terms of lending programs administered by the Small Business Administration (&ldquo;SBA&rdquo;).&nbsp; The &ldquo;Payroll Protection&rdquo; loan program provides qualified small businesses and non-profits with favorable loan terms to cover employee salaries, payroll support (including paid sick or medical leave), mortgage, rent&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1320,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_links_to":"","_links_to_target":""},"categories":[175],"tags":[178,166,169,179,180],"class_list":["post-1341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-covid-19-resources","tag-cares-act","tag-coronavirus","tag-covid-19","tag-payroll-protection-loan","tag-small-business-administration"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CARES Act \u2013 Small Business Administration\u2019s Payroll Protection Loan Program Explained - Commercial Real Estate Insight &amp; News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bowditch.com\/bowditchrealestateblog\/2020\/04\/03\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CARES Act \u2013 Small Business Administration\u2019s Payroll Protection Loan Program Explained - Commercial Real Estate Insight &amp; News\" \/>\n<meta property=\"og:description\" content=\"The CARES Act&rsquo;s economic stimulus package expands eligibility and other terms of lending programs administered by the Small Business Administration (&ldquo;SBA&rdquo;).&nbsp; The &ldquo;Payroll Protection&rdquo; loan program provides qualified small businesses and non-profits with favorable loan terms to cover employee salaries, payroll support (including paid sick or medical leave), mortgage, rent&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bowditch.com\/bowditchrealestateblog\/2020\/04\/03\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Real Estate Insight &amp; News\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-03T16:31:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-06T22:16:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bowditch.com\/bowditchrealestateblog\/wp-content\/uploads\/sites\/4\/2020\/03\/COVIDAlertBlog.png\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"418\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Bowditch &amp; Dewey\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bowditch &amp; Dewey\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/2020\\\/04\\\/03\\\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/2020\\\/04\\\/03\\\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\\\/\"},\"author\":{\"name\":\"Bowditch &amp; Dewey\",\"@id\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/#\\\/schema\\\/person\\\/459a6197018380b5885ba6e1cfc5ab96\"},\"headline\":\"CARES Act \u2013 Small Business Administration\u2019s Payroll Protection Loan Program Explained\",\"datePublished\":\"2020-04-03T16:31:57+00:00\",\"dateModified\":\"2026-02-06T22:16:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/2020\\\/04\\\/03\\\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\\\/\"},\"wordCount\":1482,\"image\":{\"@id\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/2020\\\/04\\\/03\\\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2020\\\/03\\\/COVIDAlertBlog.png\",\"keywords\":[\"CARES Act\",\"coronavirus\",\"COVID-19\",\"payroll protection loan\",\"small business administration\"],\"articleSection\":[\"COVID-19 Resources\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/2020\\\/04\\\/03\\\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\\\/\",\"url\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/2020\\\/04\\\/03\\\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\\\/\",\"name\":\"CARES Act \u2013 Small Business Administration\u2019s Payroll Protection Loan Program Explained - Commercial Real Estate Insight &amp; News\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/2020\\\/04\\\/03\\\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/2020\\\/04\\\/03\\\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2020\\\/03\\\/COVIDAlertBlog.png\",\"datePublished\":\"2020-04-03T16:31:57+00:00\",\"dateModified\":\"2026-02-06T22:16:56+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/#\\\/schema\\\/person\\\/459a6197018380b5885ba6e1cfc5ab96\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/2020\\\/04\\\/03\\\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/2020\\\/04\\\/03\\\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/2020\\\/04\\\/03\\\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2020\\\/03\\\/COVIDAlertBlog.png\",\"contentUrl\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2020\\\/03\\\/COVIDAlertBlog.png\",\"width\":768,\"height\":418,\"caption\":\"A Covid-19 E-Alert.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/2020\\\/04\\\/03\\\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"CARES Act \u2013 Small Business Administration\u2019s Payroll Protection Loan Program Explained\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/#website\",\"url\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/\",\"name\":\"Commercial Real Estate Insight &amp; News\",\"description\":\"The Bowditch &amp; Dewey Real Estate Blog\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/#\\\/schema\\\/person\\\/459a6197018380b5885ba6e1cfc5ab96\",\"name\":\"Bowditch &amp; Dewey\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/5483675550118a7631b7aa9aeaa31f65ebabe771a3571a05500ee629a94e240a?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/5483675550118a7631b7aa9aeaa31f65ebabe771a3571a05500ee629a94e240a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/5483675550118a7631b7aa9aeaa31f65ebabe771a3571a05500ee629a94e240a?s=96&d=mm&r=g\",\"caption\":\"Bowditch &amp; Dewey\"},\"url\":\"https:\\\/\\\/www.bowditch.com\\\/bowditchrealestateblog\\\/author\\\/bdadmin\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"CARES Act \u2013 Small Business Administration\u2019s Payroll Protection Loan Program Explained - Commercial Real Estate Insight &amp; News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/2020\/04\/03\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\/","og_locale":"en_US","og_type":"article","og_title":"CARES Act \u2013 Small Business Administration\u2019s Payroll Protection Loan Program Explained - Commercial Real Estate Insight &amp; News","og_description":"The CARES Act&rsquo;s economic stimulus package expands eligibility and other terms of lending programs administered by the Small Business Administration (&ldquo;SBA&rdquo;).&nbsp; The &ldquo;Payroll Protection&rdquo; loan program provides qualified small businesses and non-profits with favorable loan terms to cover employee salaries, payroll support (including paid sick or medical leave), mortgage, rent&hellip;","og_url":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/2020\/04\/03\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\/","og_site_name":"Commercial Real Estate Insight &amp; News","article_published_time":"2020-04-03T16:31:57+00:00","article_modified_time":"2026-02-06T22:16:56+00:00","og_image":[{"width":768,"height":418,"url":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/wp-content\/uploads\/sites\/4\/2020\/03\/COVIDAlertBlog.png","type":"image\/png"}],"author":"Bowditch &amp; Dewey","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Bowditch &amp; Dewey","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/2020\/04\/03\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\/#article","isPartOf":{"@id":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/2020\/04\/03\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\/"},"author":{"name":"Bowditch &amp; Dewey","@id":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/#\/schema\/person\/459a6197018380b5885ba6e1cfc5ab96"},"headline":"CARES Act \u2013 Small Business Administration\u2019s Payroll Protection Loan Program Explained","datePublished":"2020-04-03T16:31:57+00:00","dateModified":"2026-02-06T22:16:56+00:00","mainEntityOfPage":{"@id":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/2020\/04\/03\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\/"},"wordCount":1482,"image":{"@id":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/2020\/04\/03\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\/#primaryimage"},"thumbnailUrl":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/wp-content\/uploads\/sites\/4\/2020\/03\/COVIDAlertBlog.png","keywords":["CARES Act","coronavirus","COVID-19","payroll protection loan","small business administration"],"articleSection":["COVID-19 Resources"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/2020\/04\/03\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\/","url":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/2020\/04\/03\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\/","name":"CARES Act \u2013 Small Business Administration\u2019s Payroll Protection Loan Program Explained - Commercial Real Estate Insight &amp; News","isPartOf":{"@id":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/2020\/04\/03\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\/#primaryimage"},"image":{"@id":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/2020\/04\/03\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\/#primaryimage"},"thumbnailUrl":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/wp-content\/uploads\/sites\/4\/2020\/03\/COVIDAlertBlog.png","datePublished":"2020-04-03T16:31:57+00:00","dateModified":"2026-02-06T22:16:56+00:00","author":{"@id":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/#\/schema\/person\/459a6197018380b5885ba6e1cfc5ab96"},"breadcrumb":{"@id":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/2020\/04\/03\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.bowditch.com\/bowditchrealestateblog\/2020\/04\/03\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/2020\/04\/03\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\/#primaryimage","url":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/wp-content\/uploads\/sites\/4\/2020\/03\/COVIDAlertBlog.png","contentUrl":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/wp-content\/uploads\/sites\/4\/2020\/03\/COVIDAlertBlog.png","width":768,"height":418,"caption":"A Covid-19 E-Alert."},{"@type":"BreadcrumbList","@id":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/2020\/04\/03\/cares-act-small-business-administrations-payroll-protection-loan-program-explained\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/"},{"@type":"ListItem","position":2,"name":"CARES Act \u2013 Small Business Administration\u2019s Payroll Protection Loan Program Explained"}]},{"@type":"WebSite","@id":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/#website","url":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/","name":"Commercial Real Estate Insight &amp; News","description":"The Bowditch &amp; Dewey Real Estate Blog","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/#\/schema\/person\/459a6197018380b5885ba6e1cfc5ab96","name":"Bowditch &amp; Dewey","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/5483675550118a7631b7aa9aeaa31f65ebabe771a3571a05500ee629a94e240a?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/5483675550118a7631b7aa9aeaa31f65ebabe771a3571a05500ee629a94e240a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/5483675550118a7631b7aa9aeaa31f65ebabe771a3571a05500ee629a94e240a?s=96&d=mm&r=g","caption":"Bowditch &amp; Dewey"},"url":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/author\/bdadmin\/"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/wp-content\/uploads\/sites\/4\/2020\/03\/COVIDAlertBlog.png","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pd7Mo7-lD","_links":{"self":[{"href":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/wp-json\/wp\/v2\/posts\/1341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/wp-json\/wp\/v2\/comments?post=1341"}],"version-history":[{"count":0,"href":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/wp-json\/wp\/v2\/posts\/1341\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/wp-json\/wp\/v2\/media\/1320"}],"wp:attachment":[{"href":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/wp-json\/wp\/v2\/media?parent=1341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/wp-json\/wp\/v2\/categories?post=1341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bowditch.com\/bowditchrealestateblog\/wp-json\/wp\/v2\/tags?post=1341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}