Updated - Saturday, April 4, 2020
On Thursday, April 2nd, the SBA released interim final rules on the Paycheck Protection Program. A link to these rules as well as FAQ's and interim final rules on affiliation are included below.
The Department of Treasury published the application as well several other supporting documents for the Paycheck Protection Program on Tuesday afternoon, March 31, 2020. The program was designed to provide small businesses with the funds to retain their employees through the COVID 19 crisis. If small business owners use the funds as directed by the CARES Act and the Treasury Department, the loans will be eligible for forgiveness through the Small Business Administration. While backed by the SBA, the loan applications will be handled by local banks that already have affiliation with the SBA through their 7(a) loan program. You can access the application as well as program overview information below:
Paycheck Protection Program Overview
Borrower Information Sheet
Lender Information Sheet
Interim Final Rule
Interim Final Rule on Affiliation
Frequently Asked Questions
PPP Loan Application
HCP provides the information in this blog for general guidance only. The content does not constitute legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other advisers. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied.