IMPORTANT UPDATES ON THE
Paycheck Protection Program:
As of Friday, April 24th , Congress passed a new $484 billion coronavirus aid package that includes $310 bilion in additional funding for the Paycheck Protection Program (PPP). The SBA will resume accepting PPP applications from participating lenders on Monday, April 27, 2020 at 9:30 am (CDT).
Additional guidance has been produced for Farmers filing a Schedule F (Form 1040) tax form.
Since there has been some uncertainty about the program and how long the funds will last. We encourage you to contact your local lender as soon as possible to inquire on your eligibility.
Paycheck Protection Program
The U.S. Chamber of Commerce has issued the following information to help small businesses and self-employed individuals prepare to file for a loan.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Know as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.
Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
The administration soon will release more details including the list of lenders offering loans under the program. In the meantime, the U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan.
Here are the questions you may be asking—
and what you need to know.
Look out for more information about eligible lenders and additional guidance from the SBA soon. For more guidance and resources for small businesses, visit uschamber.com/co