Treasury and SBA Issue Updated Paycheck Protection Program Guidance

The Small Business Administration and Department of the Treasury issued guidance and answers to lender questions regarding implementation of the Paycheck Protection Program, as created by the CARES Act in response to the COVID-19 crisis.  The guidance and Frequently Asked Questions were most recently updated on April 26, 2020, and the document linked here will be updated regularly by the SBA and Treasury.  The SBA and Treasury state that lenders and borrowers may rely on the guidance provided in the FAQ’s, and that the government will not challenge any actions taken by lenders which conform to this guidance.  As of April 26, 2020, there are 36 FAQ’s addressed by the government.

The FAQ’s are available here.