Last evening, at a White House press conference, new guidance has been posted to the Federal Register to implement the new loans for businesses with 500 employees or less under the Paycheck Protection Program. That guidance is attached. I want to urge firms that might qualify for this new assistance to contact their lenders and CPAs for additional information and guidance.
Also, last night the White House circulated some information I’ve sent to you previously, but note the updated links highlighted, including the final borrower application for the Paycheck Protection Program.
Assistance for Small Businesses
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
- For a top-line overview of the program CLICK HERE
- If you’re a lender, more information can be found HERE
- If you’re a borrower, more information can be found HERE
- Final Borrower Application Form *NEW*
- Lender Electronic Data Form *NEW*
- Paycheck Protection Program – Interim Final Rule *NEW*
Paycheck Protection Program Resources