Updated 4/23/2020 at 10:46pm ET
On Thursday, 4/2, the U.S. Treasury Department issued new guidance on the eve of the Paycheck Protection Program (PPP) loan application date. Click here to see the details of this announcement.
On Tuesday, 3/31, the Small Business Administration (SBA) announced that it will begin accepting applications from lenders to small businesses and sole proprietorships beginning on April 3, 2020. For independent contractors and self-employed individuals, applications will be accepted beginning on April 10.
The application itself is available from participating lenders – here is the application form.
The application is surprisingly simple, although applicants should be careful to understand the certifications that are included and the implications for any existing debts. For this reason, we strongly encourage applicants to work through the process with their existing lenders, if applicable.
We encourage our clients to consider whether PPP is an appropriate avenue for their situation. If so, we recommend working to gather the necessary documentation for an early submission. While the program is scheduled to be available through June 30, 2020, current funding is limited.
- [Updated April 8] PPP FAQs from the U.S. Treasury Department are available to review here.
- New Guidance from U.S. Treasury Department on Paycheck Protection Program Issued April 2, 2020
- SBA resources on the CARES Act, including frequently asked questions about PPP are available here.
- Further details on application data required, loan terms, and forgiveness provisions is available from the US Treasury Department here.
In the meantime, feel free to contact us with any further questions surrounding PPP or the CARES Act. We are here to help.