This afternoon, the US Treasury issued top line guidance on the Paycheck Protection Program (PPP). Please reference each link below for specific guidelines:
- Small Business PPP Overview
- PPP Information Sheet for Borrowers
- PPP Application Form, including Instructions
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