The Department of Treasury has released the Paycheck Protection Program application and supplemental information, all available on their website. We strongly recommend that companies immediately:
- Review all four documents listed under the “Assistance for Small Businesses” section;
- Review the application and accompanying borrower guide
- Contact your local banker to discuss the lender guide to ensure they are aware of program requirements. While it is our understanding that virtually all banks and credit unions will be able to process program applications, you should verify that your bank intends to support the program.
As a reminder, funds from this program:
- Can be used for employee salaries under $100,000, paid sick or medical leave, insurance premiums, and mortgage, rent and utility payments;
- Are 100% forgivable if used for the above purposes; and
- Are available to businesses or 501(c)(3) nonprofits with less than 500 employees, including sole-proprietors, independent contractors, and other self-employed individuals.
We will continue to provide you with updates as we receive new information. For more information about this program, contact our professionals.
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