Treasury Guidance Released for Paycheck Protection Program  

 

On March 31st, the US Treasury Department released guidance for the Paycheck Protection Program (PPP), a key provision aiding small businesses from the recently enacted CARES Act: https://home.treasury.gov/cares

 

TCIA encourages its members adversely impacted by the COVID-19 pandemic to review this guidance and familiarize themselves with the resources the department has made available. Small businesses can begin applying for these loans April 3rd, 2020. The treasury guidance encourages businesses "to apply as quickly as you can because there is a funding cap."

 

Please see below for more details and well as the PPP application form.

ASSISTANCE FOR SMALL BUSINESSES

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

For a top-line overview of the program CLICK HERE

If you’re a lender, more information can be found HERE

If you’re a borrower, more information can be found HERE

The application for borrowers can be found HERE