The Paycheck Protection Program is now live for small businesses and sole proprietorships and and starting April 10 independent contractors and self-employed individuals can apply. The program provides small businesses with funds to pay up to eight weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
The Department of Treasury and Small Business Administration is encouraging those who need assistance to apply quickly because there is a funding cap. Below find additional information on the final overview provided by the Department of Treasury, the borrower application form, and an eligible lender lookup.
- Final Overview of PPP
- Borrower Application Form
- Eligible Lender Lookup
- Treasury Payroll Support: Title IV of the CARES Act related to payroll support to aid airline industry employees, and on loans to airline industry and businesses critical to national security. Q&A document on Payroll Support for airline industry.
The Department of Treasury provided an updated statement regarding Economic Impact Payments to Social Security recipients. On April 1, Secretary Steven Mnuchin clarified for Social Security recipients that they will NOT have to file 2018 or 2019 tax returns to be eligible for the Economic Impact Payments. Social Security recipients who are not typically required to file a tax return do not need to take an action, and will receive their payment directly to their bank account. The IRS will be using data from Form SSA-1099 and Form RRB-1099 for Social Security recipients so they can receive their payments as a direct deposit or check like they would their normal benefits.