Cares Act (PPP) Loan Information

Please find the attached application and information regarding the Cares Act (PPP) loan we mentioned in our last email summary of the new CARES Act.  Submission starts April 3, 2020.  The PPP loan provides funds to assist with payment of payroll, rent, business mortgage interest and utilities. The SBA has not provided exactly what documentation will be required to support the payroll cost indicated on the application (which is the amount used to calculate the allowable loan amount), but we recommend you determine if the loan works for you and get an appointment with your bank to submit the application.  The process is time sensitive as there are limited funds, thus we recommend you apply quickly.  The attached overview may help you quickly determine if the loan may work for you.  The fact sheet will guide you through completion of the application and the process for submission.  The fact sheet also provides information on the process for requesting forgiveness of the loan after funds have been utilized for covered costs.

As always, reach out to us if you have any questions.

PPP — Overview

PPPBorrower Paycheck Protection Program Application (v1)

PPP Borrower Information Fact Sheet

Westbrook CPA