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Specialty Risk

KSR Summary: PPP Insurance Summary

By Specialty Risk

Background: In connection with the COVID-19 epidemic, the U.S. Congress passed the CARES Act in order to provide financial support and relief to businesses and individual citizens. As part of the CARES Act, the Paycheck Protection Program (‘PPP’) was put in place to provide potentially forgivable loans to small businesses (under 500 employees) who were struggling financially due to the economic uncertainty of the pandemic. The PPP loans were administered by local, regional and national banks and the program is overseen by the Small Business Administration (‘SBA’). The Risk: Applicants for PPP loans needed to demonstrate that the loan request…

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