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The Coronavirus Aid, Relief, and Economic Security (CARES) Act established the Paycheck Protection Program (PPP) to help businesses keep their workforce employed during the pandemic. PPP loans were intended to cover payroll expenses, as well as qualifying rent, utility, and mortgage payments and forgivable in part, under certain conditions. Many not-for-profit 501(c)(3) organizations and management companies have been able to access some of the $500 billion in loans that were disbursed before the program closed in August.
