Dear clients and partners,
Good morning! As expected, Congress and the White House have authorized further funding for the Small Business Administration to accept additional applicants for the Paycheck Protection Program (PPP) pursuant to the CARES Act and subsequent legislation.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Please note that PPP loans may only be applied for through a participating lender, and that the new round of application acceptances is specifically for borrowers who have not previously applied.
For more information, please visit sba.gov/paycheckprotection or reach out to us with any questions by using the Contact Us button below.
Matt Brady, CPA