Update – Paycheck Protection Program 3-31-2020
Today, more information was released on the application process for the Paycheck Protection Program. Please see attached PDFs and the link below. The law indicates you calculate the loan on the 12 months prior to the date of the loan. However, the application supplied today requests information from 2019 only. Also the average monthly payroll on the application is not very descriptive. See the highlighted information on the borrower information fact sheet for a more detailed list of what is included.
This is a trying time that includes much confusion. As I understand it, banks are also still waiting on more information to move forward with the process.