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The application for the Payroll Protection Program loans was released on March 31, 2020 at https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf
The CARES Act stimulus for small businesses includes Payroll Protection Program loans that, if used for certain covered purposes, are nonrecourse and forgivable. We understand the loan funds will be mostly on a first come first served basis, and it is expected that demand will quickly outstrip supply.
Here are a few parameters:
The loans will be funded through SBA approved lenders and other lending institutions that qualify, and not the federal government. We recommend that you seek assistance from your current lender soon; and hopefully they are keeping you apprised as well. Please see https://home.treasury.gov/cares for more information.
Know that GKH and I are here to help our clients in good times and bad! Please do not hesitate to contact me if you have any questions or need any legal assistance. Good luck out there and stay safe!
David M. Elliott is a Partner at Grant, Konvalinka & Harrison, P.C. where he provides strategic counsel to small and medium sized businesses and individuals. He can be contacted at 423.933.2731 or delliott@gkhpc.com. This blog is not intended to create an attorney/client relationship or provide legal advice. Please contact the author if you have any questions or comments regarding the subject matter.
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