The evening before the Small Business Administration’s (SBA) new Paycheck Protection Program (PPP) was set to go live, banks around the country received U.S. Treasury Department (TD) guidance on how they were to administer $349 billion in loan funds. In releasing that guidance, the TD also provided potential borrowers with further understanding of the new program. The TD guidance only covers Sections 1102 – 1106 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, and more fully outlines the new PPP for eligible businesses interested in receiving PPP funds during the COVID-19 pandemic. More.