Paycheck Protection Program

4/1/2020

Contact your local banker to discuss the lender guide to ensure they are aware of program requirements. While it is our understanding that virtually all banks and credit unions will be able to process program applications, you should verify that your bank intends to support the program.


As a reminder, funds from this 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; and
  • 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. Additionally, consider your intentions with other Small Business Administration loan programs when reviewing funding possibilities.

Click HERE for the application

Tags: tax