Although it is a somewhat moving target, the Small Business Administration (“SBA”) has indicated banks will be accepting applications for Payroll Protection Program loans on Friday, April 3, 2020. The proceeds of the loans are to be primarily used for payroll purposes, rent payments, utility payments and payment of mortgage interest.
Payroll Protection Program loans are low interest loans made available to small businesses (employing less than 500 persons), non-profit organizations, sole proprietorships and self-employed individuals) that are forgivable under certain specific circumstances described in the SBA information sheet. The link to the SBA information sheet is attached below. This information sheet sets forth important information regarding the Payroll Protection Program loans.
You will need to act quickly to get your application to your bank as the demand for the loans will be great.
Click this link to the for all of the details: SBA Information Sheet
The business lawyers at BMSA stand ready to answer any questions you may have or assist you in any way in regard to the Payroll Protection Program loans. For more information, go to: Banking & Finance Law Practice Group.