U.S. Treasury Department Posts Paycheck Protection Program Update

The Treasury Department today posted a top-line overview of the program, lender information, borrower information and the form of the application for borrowers. In order to be fully forgiven, due to likely high subscription, 75% of the forgiven amount must have been used for payroll. Borrowers can begin applying April 3, 2020, and independent contractors and self-employed individuals can apply starting April 10, 2020. There will be a funding cap so early application is encouraged. Full details are included here:

• For a top-line overview of the program CLICK HERE
• If you’re a lender, more information can be found HERE
• If you’re a borrower, more information can be found HERE
• The application for borrowers can be found HERE