Paycheck Protection Program Application
To all my small business clients,
The Department of Treasury has just released the Paycheck Protection Program application. These are loans that you can get through your local bank and
- 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 is used for the above purposes and
- Are available to businesses or 501(c)(3) non profits with less than 500 employees, including sole-proprietors, independent contractors, and other self-employed individuals
Here is the application and accompanying borrower guide. Please contact your local banker and provide them with this lender guide. This is a new and evolving program and it is our understanding that virtually all banks and credit union will be able to process program applications, please verify that your bank intends to support the program.
You can apply starting April 3 for small business and sole proprietorships and April 10 for independent contractors and self-employed individuals.
Please do not hesitate to contact me if you have any questions or concerns.