Update on Paycheck Protection Program Application Process
Clients and Business Partners:
Earlier this week, we communicated the expected parameters of the Paycheck Protection Program (“PPP”), which is being administered by the SBA and facilitated through various approved banking institutions. The SBA announced that the application process for the Paycheck Protection Program will begin April 3rd.
What This Means For You and Your Business:
The SBA will not accept applications from lenders until April 3rd. However, we would highly encourage that you start your application process with your lender (or any approved lender) now.
Funds are expected to be limited. Here are some documents to get you started:
· Paycheck Protection Program (PPP) Information Sheet PPP Info. This is a good document to read to start to advise you on the decision to apply and the rules around the program.
· Paycheck Protection Program Sample Application Form – Sample PPP Application This is a sample from the Treasury Department’s site. PLEASE reach out to your lender for the their specific application and to understand how they are managing the process.
Further instructions for how to apply for the aid and additional information are posted on the following Federal sites:
SBA – How to Apply·
Dept of Treasury PPP Info
Again, you can contact any existing Small Business Administration lender, as well as any FDIC-insured institution, credit union or financial-technology lender that has signed up for the program for relief to aid you in this process. Not all lenders may be participating at this time. Therefore, we highly encourage you to contact them to determine if they are able to assist you.
Bertz, Hess will continue to monitor this and other developments relative to COVID-19 relief actions by the government.
As always, If you have questions or concerns on how these programs or other provisions in the CARES Act may impact your situation, please reach out to your Bertz, Hess & Company Contact , or contact us at info@bertzhess.com
We wish and you and all those around you continued safety and good health.
The Partner Group at Bertz, Hess & Company, LLP
Scott Frick, Laura Bender and Thomas Wobber