01 Apr PAYCHECK PROTECTION PROGRAM LOAN APPLICATION RELEASED
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:
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.