Paycheck Protection Program Application Released

As part of McNeelyLaw LLP’s continuing updates on the new COVID-19 legislation, please see below information and links for the Department of Treasury guidance on the Paycheck Protection Program.

Specifically, the Department of the Treasury has released the application, https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf, and accompanying borrower information sheet, https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf.

As a reminder, funds from this Program:

• Can be used for employee salaries under $100,000, paid sick or medical leave, insurance premiums, mortgage payments, rent, and utilities;
• Are 100% forgivable if used for the above purposes and certain conditions are met; and
• Are available to businesses with less than 500 employees.

We will continue to update you about this and other major federal and state measures addressing the ever-developing COVID-19 pandemic. For additional information on this or any related topic, please contact McNeelyLaw’s attorneys by visiting mcneelylaw.com or calling our office at 317-825-5110.

This McNeelyLaw LLP publication should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own lawyer on any specific legal questions you may have concerning your situation.