BRAC’s April 2 COVID-19 Brief: Prepare your application for the Paycheck Protection Program

On Tuesday, the U.S. Treasury issued guidance and a template application for businesses interested in assistance through the Paycheck Protection Program (PPP), part of the CARES Act that was signed into law on March 27. BRAC encourages businesses to fill out the application now, in preparation for submission to an SBA-approved lender starting tomorrow, April 3. Individual banks may require slightly different information, but the Treasury application will provide businesses with a good head start on submitting.

  • Capital Region lenders may be found here.
  • The application may be found here.
  • An overview of the PPP may be found here.

The PPP provides forgivable cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. Beginning April 3, small businesses and sole proprietorships can apply for and receive forgivable loans under the PPP. Beginning April 10, independent contractors and self-employed individuals may do the same.

Additional guidance for lenders and tax experts is expected to be issued at the end of this week.

For a quick comparison between the PPP and the SBA Economic Injury Disaster Loan program, click here.

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