Applications open for Paycheck Protection Program

The U.S. Department of the Treasury has released the
application for the Paycheck Protection Program, part of the $2 trillion
Coronavirus Relief and Economic Security Act.

The application can be found on the Treasury Department’s
website.  The department has also issued more
information on the program for borrowers and lenders.

The program, funded with $349 billion, was designed for
small businesses to keep workers employed, according to the Small Business
Administration. The maximum loan amount is $10 million, and loan forgiveness is
possible if the funds are used for payroll costs and other business expenses.

The Paycheck Protection Program is one of several options
small businesses (under 500 employees) have for relief under the Cares Act.

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