Interim final rule issued for Paycheck Protection Program
Just under an hour ago, the U.S. Treasury and Small Business Administration issued
the interim final rule
on the
Paycheck Protection Program, created by the CARES Act, which goes into operation tomorrow. We are unable to learn the time of day the portal will open. We suggest you try early. Also
linked here
is SBA Form 2483 which the applicant must submit; we are unable to locate SBA Form 2484 which lenders must submit. In the interest of getting this to you quickly, we are sending the rule and 2483. We suggest you go to
www.treasury.gov
or
www.sba.gov
later to search for 2484.
The applicant must submit SBA Form 2483 (Paycheck Protection Program Application Form) and payroll documentation. The lender must submit SBA Form 2484 (Paycheck Protection Program Lender’s Application for 7(a) Loan Guaranty) electronically in accordance with program requirements and maintain the forms and supporting documentation in its files.
Since the PPP program becomes operational in the morning, good luck. Please contact CBA with any questions or comments.
