The Department of Treasury has released the Paycheck Protection Program application and supplemental information, all available on their website. We strongly recommend that clients immediately:
- Review and download the Paycheck Protection Program application
- Review and download the accompanying borrower guide
- Contact your local banker to discuss the lender guide to ensure they are aware of the program requirements. While it is our understanding that virtually all banks and credit unions will be able to process program applications, you should verify that your bank intends to support the program.
As a reminder, funds from this program:
- Can be used for payroll costs, including benefits, and select interest on mortgage obligations, rent and utility payments;
- Could be 100% forgivable if used for the above purposes and there is no reduction in the company’s workforce; 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.
While the application and documentation requirements are simple, make sure you review all the instructions before completing the application. McClintock & Associates are available to assist you in determining your average monthly payroll expense, reviewing your application, and discussing the impact of participating in this program prior to the application being submitted.
Best wishes and stay healthy.
