U.S. Treasury Releases CARES Act Loan Application

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On March 31, 2020, the U.S. Department of Treasury released the loan application form for the Paycheck Protection Program, part of the CARES Act passed on March 27, 2020. The application form can be found here: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf

The SBA has added information about the Paycheck Protection Program on its website here: https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp

We published an article outlining the CARES Act here: Congress Passes CARES Act to Stimulate Business Efforts

The U.S. Department of Treasury and the Small Business Administration (SBA) have begun to define the application process, and will likely provide more guidance this week.

Starting this Friday, April 3, 2020, small businesses and sole proprietorships can apply for Paycheck Protection Program loans through existing SBA lenders.

Starting April 10, 2020, independent contractors and self-employed individuals can apply for Paycheck Protection Program loans through existing SBA lenders. Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.

Immediate steps to take:

1. Speak with your banker as soon as possible. Bankers at existing SBA lenders will likely be able to help current clients and prospects in submitting loan applications and getting them approved. Your banker will instruct you what documents to collect.

2. Collect financial documents:

3. Submit loan application as soon as able. Before signing any loan documents, review with counsel to ensure you understand the loan provisions, repayment obligations, and conditions of potential forgiveness.

These are three general suggestions to help focus on the issues at hand. Contact the attorneys at Burke, Warren, MacKay & Serritella, P.C. for guidance on how to address any of these issues.

 

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