Negotiations continue in Washington on the revised Coronavirus Aid, Relief and Economic Security (CARES) Act, including a new $349 billion SBA "Paycheck Protection Program," guaranteed 100% by the federal government. These loans, intended to cover approximately 2.5 months' of payroll obligations, are available for small businesses and non-profits with up to 500 employees (1,500 in certain sectors). Eligibility is not subject to the SBA's standard "no credit elsewhere test" and loans are subject to forgiveness based in part on employee retention and rehiring of employees previously furloughed. As the debate in the Senate continues, changes to the proposed Paycheck Protection Program may follow.