CARES ACT Paycheck Protection Program, SBA’s Economic Injury Disaster Loan

Dear Friends and Colleagues.

 

US Department of Treasury released an application form for the Paycheck Protection Program (PPP) authorized by the CARES act and administered by SBA approved lenders.

Attached please find the following documents:

  1. PPP Application form issued by the Department of the Treasury
  2. Borrower PPP information sheet issued by the Department of the Treasury
  3. Sample PPP loan calculator

Below is the link to the Treasury’s webpage containing the application and other relevant information.

https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses

A couple of comments:

  1. Starting April 3, 2020, small businesses and sole proprietorshipscan apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders. Please contact your SBA Lender as soon as possible for their particular rules, application form (if different from the attached)  and guidance as it relates to this program
  2. Starting April 10, 2020, independent contractors and self-employed individualscan apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

 

In addition to CARES ACT Paycheck Protection Program, SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance (up to $10,000) will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

Applications are filed directly with SBA at https://covid19relief.sba.gov/#/

As always, if you have any questions, please reach out immediately to us. It is possible that the program will be oversubscribed, so timing is of the essence.