As of Friday, April 3, the Small Business Administration has opened up the Paycheck Protection Program loan applications. The application can be downloaded here.
A few things to note:
- Please be patient with banks as they only just received guidance on processing the loans late Thursday night.
- The biggest change is that 1099 wages are now excluded from calculations.
- For additional guidance in understanding the Paycheck Protection Program vs the Economic Injury Disaster Loan, click here.
RMA hosted a webinar on “Leading Through a Crisis” with Village Bank on Wednesday and the full webinar can be watched here.