A Practice Note addressing the treatment of US Small Business Association (SBA) Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and related legislation, including the Consolidated Appropriations Act, 2021 (2021 CAA) in bankruptcy. This Note also addresses debtor eligibility for PPP loans and strategies for addressing contingent and unliquidated PPP loan claims in a Chapter 11 case, including estimation of claims under section 502(c) of the Bankruptcy Code, and issues relating to PPP loan forgiveness, the treatment of PPP loans under a Chapter 11 plan, the potential for liability under the False Claims Act (FCA) and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), and exceptions to discharge based on fraud.