The U.S. Treasury Department has released guidance and the loan application for the much anticipated Paycheck Protection Program. Applications will start to be accepted, for most applicants, on Friday, April 3, 2020. Prospective applicants will need to review the application and start gathering the required information as soon as possible.
It is important to note that the applications will be processed separately by individual banks, not the SBA; therefore, it is important to check with your bank to learn how they want the application information submitted. For example, some banks may require the information to be submitted electronically, via their website, rather than on paper.
Contact your H2R CPA liaison if you would like to discuss business strategy during these challenging times.