Employer FAQs On Paycheck Protection Loans

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The Coronavirus Aid, Relief and Economic Security (CARES) Act provides much-needed economic relief to businesses impacted by the COVID-19 crisis. However, this much-needed relief comes with great confusion, particularly for small businesses aiming to take advantage of the Paycheck Protection Program (PPP). While the Small Business Administration (SBA) has revised its sample PPP loan application, issued Interim Final Rules, Supplemental Interim Final Rules (which largely addressed the SBA’s complicated Affiliation Rules), and FAQs for borrowers, employers still may have many questions.

 

What do small businesses need to know if they are still unsure about the process? What if a small business already applied for a PPP loan under old SBA guidance? Fisher Phillips’ SBA Loan team answers the most commonly asked questions.

 

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 The Franklin Partnership FAQ on the Paycheck Protection Plan

 

Franklin Partnership

On Friday, April 3, 2020, lenders across the country could begin approving Small Business Administration Paycheck Protection Program loans (PPP) to businesses with 500 or fewer employees. Lenders can accept and award loans through June 30, 2020. Please note, lenders are overwhelmed and just beginning to receive guidance from the Federal Government on how to proceed and process loans,
making delays and confusion likely.

 

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Business Loan Program Temporary Changes; Paycheck Protection Program Requirements – Loan Forgiveness

 

On April 2, 2020, the U.S. Small Business Administration (SBA) posted an interim final rule announcing the implementation of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act temporarily adds a new program, titled the “Paycheck Protection Program,” to the SBA’s 7(a) Loan Program. The CARES Act also provides for forgiveness of up to the full principal amount of qualifying loans guaranteed under the Paycheck Protection Program (PPP). The PPP is intended to provide economic relief to
small businesses nationwide adversely impacted by the Coronavirus Disease 2019 (COVID-19).

 

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