SBA and U.S. Department of the Treasury Issue Updated Guidance

Updated 4/4/2020 with additional guidance provided in link to Treasury site below

ALERT: On April 2, 2020, the U.S. Department of the Treasury provided updated information on the guidance surrounding the Paycheck Protection Program. The information below reflects those changes as we understand them; however, the situation is very fluid. We continue to read and discuss with others and will provide a full update as soon as possible.

The updated guidance can be found here and includes:

• Top-line overview of the program
• Lender information
• Borrower information
• PPP Borrower Application Form (Updated 4/2/20)
• PPP Lender Application Form
• PPP New Lender Application Form (Federally Insured Depository Institutions, Federally Insured Credit Unions, Farm Credit System Institutions)
• Paycheck Protection Program – Interim Final Rule
• Paycheck Protection Program – Interim Final Rule on Affiliation
• Paycheck Protection Program – Applicable Affiliation Rules
• Find an eligible lender
• Frequently Asked Questions

Please note that while the information still says that small businesses and sole proprietors can begin applying April 3, 2020, we are getting mixed indications from lenders on when they will be ready for applications. Our suggestion is that you reach out to your lending officer now to find out exactly where they stand on being ready to receive your application.