Guidance and application forms have been released by the Department of Treasury pertaining to the Paycheck Protection Program. The funding contained in
the $2.2 trillion CARES Act falls under four broad categories: (1) Assistance to individuals (2) Assistance to the health care system (3) Assistance
to small businesses (4) Assistance to big business. Attached are the clarifying documents for the Paycheck Protection Program created to assist small
businesses as a result of the COVID-19 Pandemic. The attachments include the following:
- Paycheck Protection Program Overview
- Borrower Paycheck Protection Program Application
- Paycheck Protection Program Information Fact Sheet
- Paycheck Protection Program Lender Information Fact Sheet.
Beginning April 3, 2020 small businesses can apply to receive forgivable loans. You can apply through any existing SBA lender or through any federally
insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders
will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether
it is participating. Click here for a list of SBA lenders.
The MCEDA Team stands ready to assist you. Please don’t hesitate to contact us if you have any questions.