Paycheck Protection Program
Guidance and application forms have been released by the Department of Treasury pertaining to the Paycheck Protection Program. The funding contained in the $2.2 trillion CARES Act falls under four broad categories: (1) Assistance to individuals (2) Assistance to the health care system (3) Assistance to small businesses (4) Assistance to big businesses. Attached are the clarifying documents for the Paycheck Protection Program created to assist small businesses as a result of the COVID-19 Pandemic. The attachments include the following:
- Paycheck Protection Program Overview
- Borrower Paycheck Protection Program Application
- Paycheck Protection Program Information Fact Sheet
- Paycheck Protection Program Lender Information Fact Sheet.
Beginning April 3, 2020 small businesses can apply to receive forgivable loans. You can apply through any existing SBA 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. Visit www.sba.gov for a list of SBA lenders.
The MCEDA Team stands ready to assist you. Please don’t hesitate to contact us if you have any questions. https://www.madisoncountyeda.com/about-us/staff/