PAYROLL PROTECTION PROGRAM

A very important and central part of CARES act is the Paycheck Protection Program which creates loans for small business and the possibility of loan forgiveness.  The loans are for keeping business operating during this time.  Forgiveness for the loans is possible if the funds are used for payroll and rent. 

The US Treasury has published a quick answer sheet for this program.  The program is administered by local banks.  You will need to talk to a local banker to get the loan. 

The link to this information is: https://home.treasury.gov/system/files/136/PPP%20Borrower%20Information%20Fact%20Sheet.pdf

Because the amount of money available to the program, talking to your lender soon is important. 

As always, talk with you tax advisor before you sign.  Contact our office if you need more resources.