COVID-19 Stimulus Assistance to Small Businesses: Issues and Policy Options [Updated March 30, 2020] [open pdf - 1MB]
From the Document: "This report provides a brief description of the SBA's [U.S. Small Business Administration] programs, examines congressional action to assist small businesses during and immediately following the Great Recession (2007-2009), and discusses legislation to assist small businesses adversely affected by the COVID-19 pandemic, including:  P.L. 116-123, the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020, which provided the SBA an additional $20 million for SBA disaster assistance administrative expenses and deemed the coronavirus to be a disaster under the SBA's Economic Injury Disaster Loan (EIDL) program. This change made economic injury from the coronavirus an eligible EIDL expense. [and 2] P.L. 116-136, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which, among other provisions, created the Paycheck Protection Program (PPP) to provide 'covered loans' with a 100% SBA loan guarantee, a maximum term of 10 years, and an interest rate not to exceed 4% to assist small businesses, small 501(c)(3) nonprofit organizations, and small 501(c)(19) veterans organizations that have been adversely affected by COVID-19. The act also provides for loan deferment and forgiveness under specified conditions. A 'covered loan' is defined as a loan made to an eligible recipient from February 15, 2020, through June 30, 2020."
CRS Report for Congress, R46284
Congressional Research Service: https://crsreports.congress.gov/