As part of the CARES Act, the Small Business Administration (SBA) is charged with administering the Payroll Protection Plan (PPP). While lenders have authority to loan funds to small businesses beginning Friday, April 3, the SBA continues to release guidance on how the program will be administered, and many lenders continue their work to understand how they will implement the program. Accordingly, many lenders will not be ready to accept applications on April 3. Businesses are still advised to contact their bank or lender as soon as possible, however, to ensure that they may submit a loan application when appropriate and complete any specific bank-required registration.
Some information already released by the SBA includes information fact sheets for both borrowers and lenders and a loan application, for which a revised version was released on Thursday, April 2. The revised loan application and fact sheets for borrowers and lenders are below:
Contact the professionals at Gilliam Bell Moser if you have any questions.
Leave A Comment