From the Executive Summary: "The President signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law on March 27, 2020. Section 1102 of the Act provided $349 billion for the creation the Paycheck Protection Program (PPP) under Section 7(a) of the Small Business Act. This program provides fully guaranteed SBA [Small Business Administration] loans for certain eligible small businesses, individuals and nonprofit organizations that can be forgiven if loan proceeds were used as required by the law. Eligible expenses include payroll, rent, utility payments, and other limited uses. Our objective for this inspection was to assess SBA's implementation of the PPP, including the timing of implementation, lender participation, guidance provided to lenders and staff, timeliness of loan approval and disbursement, and systems used to process lender loan approvals."
Small Business Administration, Office of the Inspector General, Report No. 21-07