New Treasury Guidance on Small Business Loan Program, Employee Retention Credit
Just yesterday afternoon, the Treasury Department issued new guidance on the CARES Act’s $350 billion loan fund for small businesses during the COVID-19 pandemic. Small businesses and sole proprietorships can apply for loans through the “Paycheck Protection Program” starting April 3, while self-employed individuals and independent contractors can apply starting April 10. More detailed information for borrowers can be found here and an application can be found here.
The Treasury Department also launched the Employee Retention Credit, which you can learn more about here. The Senate Finance Committee released an FAQ document on the credit here.
