Paycheck Protection Program Applications are Now Available
The Paycheck Protection Program (PPP) application and supplemental information is now available on the Department of Treasury website. We expect lenders to begin accepting applications on Friday, April 3, and strongly encourage anyone considering applying to reach out to their bank as soon as possible. While likely all banks and credit unions will be participating, businesses will want to ensure their bank is supporting the program and processing applications.
While banks still have some questions about the processing of these loans, businesses can start preparing their applications and gathering supporting documents. We recommend submitting as soon as possible.
Primary documents for PPP applicants:
Lender Guide – To be discussed with your banker
More on the Paycheck Protection Program
The Paycheck Protection Program is part of the recently established CARES Act and provides financial relief for small businesses affected by COVID-19. It provides small businesses funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. The Treasury Department has provided a brief overview of the program here.
We know that things are happening quickly, and we will continue to keep you updated on this and other relief programs as the situation evolves. Our CARES Act team is working diligently to provide guidance on this new legislation. As always, please reach out to the Livingston & Haynes team anytime with your questions.