01 Apr PAYCHECK PROTECTION PROGRAM LOAN APPLICATION RELEASED
Posted at 01:24h in Uncategorized 0 Comments
The Department of Treasury has released the Paycheck Protection Program Application and Supplementary information. All which is now available on their website. Click Here: US Department of Treasury
The links below are to the sample application current as of 3/31/2020 and the terms, such as loan repayment and forgiveness:
Paycheck Protection Program Loan Application
Program (PPP) Borrower Information Sheet
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 (limitations on non payroll use apply); 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.
- This loan program cannot be combined with other CARES Act employer tax credits.
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