What Houston small businesses should know about new SBA forgivable loan program

The federal government is rolling out a forgivable loan program for small businesses to keep employees on the payroll. As part of the $2.2 trillion CARES Act, which passed March 27, about $350 billion will be available for small business loans through the U.S. Small Business Administration's Paycheck Protection Program. Under the program, the SBA will forgive loans if all employees are kept on the payroll for eight weeks and the funds are used for payroll, rent, mortgage interest or utilities,…