Tax Monitor
The Ins and Outs of the CARE Act Paycheck Protection Program – What Lenders and Borrowers Need to Know
April 1, 2020
By: Robert G. Tweel
The Paycheck Protection Program(“PPP”) in the CARE Act authorizes up to $349 billion dollars in forgivable loans. What do you really need to know to be a lender or a successful borrower under the PPP? Jackson Kelly’s lawyers have been sorting through the guidelines and available information and layering on years of experience in representing business to help guide our clients through the CARE Act. But we know that there are lots of small businesses with questions.
To help serve all small businesses, Jackson Kelly teamed up with Bobby Blakely at Truist Bank to provide a lender’s insight into the Paycheck Protection Program. We want to give you a chance to learn the ins and outs concerning the lending process.
The call will be at 11:00 a.m. E.S.T. on Thursday, April 2, and open to any interested borrower or lender. If you would like the call-in information, please register here. The call will last about 30 minutes. If you have specific questions you would like addressed, please send them to conferencequestions@jacksonkelly.com with PPP Question in the Subject line.
The complete overview of the PPP is here – in case you have missed it.
Lenders receive their own guidelines from Treasury, and the current Lender Information Sheet can be found here.
For small businesses who need money to pay their employees during the COVID-19 pandemic, the application period begins April 3, 2020. For independent contractors and self-employed individuals, the application period begins April 10, 2020. Here is the basic Borrower Information Sheet. And the Application for Borrowers is here.