U.S. Department Of The Treasury Releases Paycheck Protection Program Loan Application & Guidance Sheets

Moritt Hock & Hamroff LLP
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On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) into law providing, among other relief, up to $349,000,000 to fund loans to small businesses affected by the outbreak of COVID-19 (“Paycheck Protection Program”). The program will be administered by the U.S. Small Business Administration (the “SBA”) and the loans will be 100% federally-guaranteed.  On March 31, 2020, the U.S. Department of the Treasury released the following loan application form and guidance sheets for borrowers and lenders:

We encourage our clients to reach out not only to us, but also to their local business bankers/lenders with any questions that they may have regarding the Paycheck Protection Program.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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