As everyone continues to get information on the CARES Act, we want to provide you with some of latest updates we have seen. Yesterday, April 8, 2020, the Treasury Department issued an updated Paycheck Protection Program F.A.Q.
The Paycheck Protection Program formally launched on Friday, April 3rd. The program is in very high demand and has challenges around its implementation. Senate Small Business Committee Chairman Marco Rubio said that as of Wednesday, April 8th there had been 220,000 loan applications, with $66 billion committed of the $349 billion authorized under the program.
Here are a few key links related to the Paycheck Protection Program.
Borrower Application Form for PPP Loan New as of 4/3/2020
Lender Application Form for PPP Loan New as of 4/3/2020
SBA Interim Final Rule for Paycheck Protection Program New as of 4/3/2020
SBA Interim Final Rule on Affiliation New as of 4/3/2020
U.S. TREASURY: Guideline on Affiliation Rule New as of 4/3/2020
U.S. TREASURY: Paycheck Protection Program (PPP) FACT SHEET
U.S. TREASURY: Paycheck Protection Program (PPP) INFORMATION SHEET
SBA FAQ sheet on Participation of Faith-Based Organizations in PPP and Economic Injury Disaster Loan Program (EIDL) New as of 4/3/2020
*The information presented here is not specific to any individual’s personal circumstances. FMP Wealth Advisers is not providing investment, tax, legal, or retirement advice or recommendationsin this article.
**To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
***These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
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