SBA Issues Additional Guidance for Paycheck Protection Program Loans

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UPDATE (4/7/20): the SBA and Treasury have released FAQs to Provide Additional Clarity


As with nearly all of the guidance being issued regarding the COVID-19 relief programs, information regarding the Paycheck Protection Program Loans continues to evolve. On April 2, 2020, the SBA issued an interim final rule and a new application form (that requires additional certifications and authorizations to be completed by borrowers).

Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020. PNC Bank has provided a PPP Loan Application Document Checklist to assist borrowers in preparing the materials they need to apply.

Borrowers can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. Click here to find an eligible lender.

Click here for additional guidance from the SBA about this program.

We will continue to monitor and post updates on these changes. In the meantime, should you have questions or comments, please contact Bob Grossman or Don Johnston at 412-338-9300.

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