Understanding the CARES Act Paycheck Protection Program Loans
On Tuesday, March 31, 2020, Launch With GS and the Urban Investment Group at Goldman Sachs hosted a webinar to walk through the Paycheck Protection Program, which was recently signed into law as part of the CARES Act. A follow up to this conversation was hosted on April 7, 2020 and can be found here.
We heard from Margaret Anadu, Head of the Urban Investment Group at Goldman Sachs, with Keith Rachey from the Community Reinvestment Fund, as well as Ethan W. Smith from Starfield & Smith, P.C. who walked through Paycheck Protection Program loans, including eligibility, key terms, use cases and key timing considerations for you to know.
UPDATE: Following the recording of this webcast, the US Treasury Department began issuing guidance on PPP Loans, including on post-forgiveness loan terms: the maximum interest rate is now 0.5% and maximum loan term is now 2 years. We will continue to provide updates as more information becomes available.
Please continue to check gs.com/smallbusiness for the latest information.