FEDERAL GOVERNMENT CARES ACT

The Federal Government has enacted the CARES Act to provide relief to small businesses impacted by the COVID-19 disaster.  For more information from the Treasury Department regarding the CARES Act and Assistance being offered for small businesses visit the Treasury Department’s website: Treasury Department’s website link

We wanted to also be sure you saw the press release from the Treasury department released March 31st, 2020 regarding the Paycheck Protection Program (“PPP”) (Treasury Department PPP Press Release), as well as the helpful resources regarding the program as described further below:

ASSISTANCE FOR SMALL BUSINESSES: Paycheck Protection Program (Treasury Payroll Protection Program):

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

For a top-line overview of the program view: Overview of the program
If you’re a lender, more information can be found: Lender Fact Sheet
If you’re a borrower, more information can be found: Borrower Fact Sheet
Borrower Application Form: (Borrower Application Form)
Lender Application Form: Lender Application Form
New Lender Application Form: (Federally Insured Depository Institutions, Federally Insured Credit Unions, Farm Credit System Institutions)
Interim Final Rule: Interim Final Rule
Interim Final Rule on Affiliation: Interim Final Rule on Affiliation
Applicable Affiliation Rules: Affiliation Rules
Frequently Asked Questions: FAQs
Find an eligible lender: Lender Search

As always, please don’t hesitate to let us know if you have any questions or if you need any help navigating through this process.