On March 31st, 2020, the Treasury Department released the first official application and information sheet related to the Paycheck Protection Program. It answers many of the questions business owners have been asking over the past few days and gives us a glimpse into the actual process businesses will follow.
Local banks will begin processing these loans as early as April 3rd, and demand is expected to be high. The documentation specifically states that these loans are forgivable under certain circumstances, and the terms are outlined.
We urge our clients and followers to get started on this process immediately. Please email us at firstname.lastname@example.org if you have any questions regarding anything related to the FFCRA or the CARES Act. We would be happy to assist you in any way we can.