David Avitabile Real Estate Land Use Development Lawyer

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Treasury & SBA Release PPP Sample Application Form & Related Guidance

April 1, 2020Advisories

The Department of the Treasury and the Small Business Administration (SBA) have released a sample application form for the Paycheck Protection Program (PPP) and related guidance, which is available at the following links:
 
https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses
 
https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp

PPP is one of the central features of the recent Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and provides $349 billion in loans for small businesses, nonprofit organizations, and other eligible organizations and individuals toward payroll costs and other covered expenses, as well as forgiveness for expenditures, provided certain conditions are met. The sample application form as well as information sheets for borrowers and lenders are also attached. Applications will be accepted from small businesses and sole proprietorships starting April 3 and applicants are encouraged to apply quickly. Applications are filed through any existing SBA lender or other approved institution.