We wanted to make you aware of new information regarding the CARES Act Paycheck Protection Program (PPP). The program will provide businesses affected by the pandemic access to funds to help cover costs such as payroll, mortgages, rent and utilities. These funds will be provided as loans which may be fully forgivable.
Things to note:
PPP loan applications for small businesses and sole proprietorships will be accepted beginning Friday, April 3rd. Independent contractors and self-employed individuals can submit applications beginning Friday, April 10th. These dates are subject to change.
Loans will be administered by lenders registered with the SBA. A list of participating lenders can be found in the Helpful Links section below.
Loan application submission does not guarantee loan approval
There will be additional updates as the government continues to finalize these programs. Due to limited funding, there are several steps you should take now to make sure your application is received accurately and timely:
Begin compiling documentation needed to apply. Refer to the Helpful Links section below for a sample loan application. You may want both a paper and PDF application ready once applications can be submitted.
Reach out to your lender who can advise when and how you can begin submitting applications.
Kelleher & Buckley, LLC can offer an independent legal perspective that banks and lenders may not be able to provide. For information on PPP loans, contact our COVID Task Force at 847-382-9130: