The Senate’s COVID response proposal creates a new loan product within the Small Business Administration. These new Paycheck Protection loans can be utilized by businesses and 501 (c) (3)s with less than 500 employees, and can cover up to $10 million of payroll costs including costs related to group health care benefits, rent and utilities. The Senate proposal also allows for businesses that maintain payroll continuity from February 15-June 30, 2020 to request loan forgiveness on a Paycheck Protection loan that has been used on utility costs, payroll expenses, mortgage interest or rent.

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