Paycheck Protection Program: Small Business Funding Application Available

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The Department of Treasury has released the Paycheck Protection Program application and supplemental information, all available on their website.

We strongly recommend that small business owners:

  • Review all four documents listed under the “Assistance for Small Businesses” section on this website page.
  • Review the application and accompanying borrower guide.
  • Contact your local banker to discuss the lender guide to be aware of program requirements. Note: Only SBA-approved lenders will be able to provide these loans. Banks have been offered a fast path to provide these loans, but some may choose not to. Contact your bank or banker to confirm that they will be able to provide these loans. And, get an understanding of their process.

How Funds From the Paycheck Protection Program Can Be Used

Consider these important reminders about using funds from the Paycheck Protection Program:

  • Can be used for employee salaries under $100,000, paid sick or medical leave, insurance premiums, and mortgage, rent and utility payments.
  • Are 100% forgivable if used for the above purposes.
  • Are available to businesses or 501(c)(3) nonprofits with less than 500 employees, including sole-proprietors, independent contractors, and other self-employed individuals.

While the application and documentation requirements are simple, make sure you review all the documents before utilizing the program.

Additionally, consider your intentions with other Small Business Administration (SBA) loan programs when reviewing funding possibilities.

Contact Us For Support With the Program

The Paycheck Protection Program is a win for small businesses that are seeking payroll relief during COVID-19. Our CPA firm will continue to analyze information coming from the Treasury Department and SBA, and we will continue to provide feedback and guidance to clients throughout the process.

We are available to discuss the program to help determine the applicability to your business or practice. We will also continue to provide you with updates as we receive new information.

Contact us directly to discuss the program.
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