Covid-19: Paycheck Protection Program

The United States Small Business Administration just released guidance on how to apply for a loan under the Paycheck Protection Program (the “PPP”). Attached to this email please find (i) an overview of the PPP, (ii) a fact sheet for Borrowers and (iii) the PPP application.

Of particular note is that (i) the first day to apply for a loan under the PPP from an existing SBA Lender is Friday, April 3, 2020 for small businesses and April 10, 2020 for independent contractors and self-employed and (ii) the interest rate is 0.5% per annum.

Please contact any of our attorneys for further information and assistance relating to PPP or any other COVID-19 related issues.

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