The Paycheck Protection Program application form has been updated.
The form and all the latest information are available at https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses. The updated form will need to be utilized for all applications.
Also, depending on the bank you are applying through, different documentation may be required as each bank will have slightly different requirements to apply on behalf of a customer/prospective lender.Beginning today, April 3, 2020, small businesses, including nonprofits and sole proprietorships, can apply for loans through the CARES Act’s Paycheck Protection Program to offset the economic impact of COVID-19. Demand is expected to be high so applying early is critical.
The Treasury Department released new documents on the program for small and medium-sized businesses, which allows for portions of business loans used on wages, rent, and other costs to be converted into grants.
Visit the website above to download the latest versions of the following documents:
· Overview of the Small Business Paycheck Protection Program
· FAQ for Lenders
· FAQ for Borrowers
· Paycheck Protection Program Application Form