April 07, 2020

Paycheck Protection Program Guidance – UPDATE

Loan applications for the Paycheck Protection Program (PPP), a provision of the CARES Act, may be able to be submitted through some banks and lenders currently but there continues to be a degree of uncertainty around the program and many lenders are not able to move forward as of yet. Please check directly with your bank (where your business holds a current account) and monitor your bank’s website—it will be the fastest and easiest way to apply and get access to funds.  If you have a relationship with a business banker, we advise you to work with them to apply for this program. Most banks are not accepting new clients to apply for the PPP. Please let us know if your bank is not participating with the SBA’s PPP and we will do our best to connect you to a lender that is.

Businesses all over the USA will be applying for this program so there will be a lot of competition for the allocated funds—if you are interested, we urge you to apply as soon as you are able, once the application is live at your relevant institution. All businesses – including nonprofits,  sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA guidelines.

For more information please see the SBA’s program overview here and sample application here.

If you need assistance being connected to a participating lender or have any questions please contact Natalie Vichnevsky.