COVID-19: Update on Paycheck Protection Program Loans

Shortly after we sent out Part III of our advice yesterday, the Department of Treasury released additional information about and the application for Paycheck Protection Program loans.  The most important announcement is that small businesses and sole proprietorships can begin applying for Paycheck Protection Program loans on April 3, 2020.  The first day that independent contractors and self-employed individuals can apply is April 10, 2020.  The interest rate for loans issued under the Program is fixed at 1.0%.  Treasury is encouraging potential borrowers to apply for a loan as soon as possible and directing businesses to their local SBA-approved lender to find out whether it is participating in the Program.  

Please contact us with any questions you may have about the Paycheck Protection Program.  We look forward to working with you as we all continue to navigate the impacts of COVID-19.