By Stuart Lark and John Wylie

The Paycheck Protection Program (PPP) created by the CARES Act provides loans (which may be forgiven in whole or in part) through the Small Business Administration (SBA). Although the CARES Act imposes no religious restrictions on either the eligibility for or the use of such loans, previously adopted SBA regulations do impose such restrictions and at present, it is unclear whether these would apply to the PPP loans. This advisory discusses these restrictions and presents a possible approach to address the lack of clarity in PPP loan applications.

Read the full advisory here.