Starting today, April 3, lenders can begin processing loan applications for the Paycheck Protection Program. The program was designed to provide cash-flow assistance through federally guaranteed loans to help small businesses during the coronavirus pandemic. A portion of eligible loans can also be forgiven and loan payments can be deferred. Note that full details are available on Aronson’s blog.
How do you apply? PPP loan applications should be submitted to approved lenders, not via the SBA. You should contact your existing banking partner to determine if they are an approved SBA lender for the PPP.
What steps can you take?
- Contact your bank if you haven’t already done so.
- Familiarize yourself with the loan application sample.
- To learn more about eligibility and other program details, visit this SBA link.
- Visit our resource hub to learn more about other COVID-19 resources available to you.
- Prepare and preserve documentation needed for the PPP loan application.
- Think through how you will track the use of PPP loan proceeds.
- For assistance navigating through this stimulus package, please contact Bill Foote.
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