The Paycheck Protection Program (PPP) is the hottest commercial loan product in the financial institution industry right now. The new $349 billion program was part of the CARES Act. Applications could be accepted starting last Friday. Here is the big deal – all insured financial institutions can offer the PPP immediately, even if not a SBA certified lender.
The PPP provides much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed. The loans will be forgiven as long as the funds are used to keep employees on the payroll and for certain other expenses.
The SBA has produced an Interim Final Rule for the program, and it should be published in the Federal Register in the next few days.
Compliance Resource is offering a comprehensive webinar, entitled A Guide to the SBA Paycheck Protection Program, today, April 6, 2020, from 2:00 to 4:00 p.m. EDT. Each registrant receives multiple connections to the program (for those remote workers), a recording of the program, a 40-page manual, and PowerPoint slides. Questions will be accepted before, during, and after the program.
We apologize for the short marketing period for this program, but the need is immediate. Attend live if you can, or listen to the recording as soon as it become available.