The Treasury Department has released guidance, information and the borrower application for the Paycheck Protection Program and has indicated April 3 as the date that applications will be available for processing. Please click here for the Treasury Fact Sheet and Click Here for the Loan Application recently released by the Treasury.
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.
The loan amounts will be forgiven as long as:
The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and
utility costs over the 8 week period after the loan is made; and employee and compensation levels are maintained. … Read More