Announcements & Best Practices

US Treasury Issues Top Line Guidance

Good Evening,

This afternoon, the US Treasury issued top line guidance on the Paycheck Protection Program (PPP). Please reference each link below for specific guidelines:

Items to note, according to the information released today:

  • The interest rate is 0.5%. Previous information indicated the rate would be up to 4.0%.
  • The term of the loan is 2 years. Previous information indicated a 10-year term.
  • It is anticipated not more than 25% of the forgiven amount may be for non-payroll costs.
  • Small businesses and sole practitioners may apply starting April 3, 2020.
  • Independent contractors and self-employed individuals may apply starting April 10, 2020.

We will continue to keep you posted as additional information and guidance for completion become available.


The Partners of

Russell Thompson Butler & Houston, LLP


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