Treasury Department Issues Guidelines on Federal Small Business Loan Program
The Treasury Department has released initial guidelines regarding the CARES Act Paycheck Protection Program, which will provide up to $350 billion in fully forgivable loans to help small businesses affected by COVID-19. The loan program will be administered through the Small Business Administration, and is currently open to existing SBA-certified lenders, as well as those who are not, but must apply for designation. An overview of the program can be found here. Treasury has also provided an information sheet for borrowers. More information can be found on the SBA website here. Borrowers can begin submitting applications on April 3rd.