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Treasury Department Issues FAQs on Paycheck Protection Program (PPP)

Treasury Department Issues FAQs on Paycheck Protection Program (PPP)

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In a press release dated March 31, 2020, the Small Business Administration (SBA) Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin announced that the SBA and Treasury Department have “initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need.”

The $2 trillion CARES Act designates $349 billion to the SBA’s “Paycheck Protection Program,” which is designed to help small businesses keep their workforce employed during the COVID-19 pandemic.

In coordination with the announcement, the Treasury Department released the much anticipated Paycheck Protection Program (PPP) Application Form and the PPP Information Sheet, which addresses FAQs such as who is eligible and how to apply for the PPP.

Small businesses and sole proprietorships can apply starting April 3, 2020, and independent contractors and self-employed individuals can apply starting April 10, 2020, all through existing SBA lenders. Other regulated lenders will be available to make loans as soon as they are approved and enrolled in the PPP.

Administrator Carranza stated, “This unprecedented public-private partnership is going to assist small businesses with accessing capital quickly. Our goal is to position lenders as the single point-of-contact for small businesses – the application, loan processing, and disbursement of funds will all be administered at the community level.”

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