Tax & Financial News

Small Biz Funding Application Available

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In an effort to keep you as informed as possible in this ever-changing environment, we are letting you know that the Department of Treasury has released the Paycheck Protection Program application and supplemental information, all available on their website.

Please review the documents listed under the “Assistance for Small Businesses” section and this accompanying borrower guide.

We encourage you to contact your local banker to ensure they are aware of program requirements. While it is our understanding that virtually all banks and credit unions will be able to process program applications, you should verify that your bank intends to support the program. Contact your local banker to discuss the lender guide.

As a reminder, funds from this program:
• Can be used for employee salaries under $100,000, paid sick or medical leave, insurance premiums, and mortgage, rent and utility payments;
• Are 100% forgivable if used for the above purposes; and
• Are available to businesses or 501(c)(3) nonprofits with less than 500 employees, including sole-proprietors, independent contractors, and other self-employed individuals.

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