Updated (COVID-19): Paycheck Protection Program FAQ Sheet

WASHINGTON, D.C. – ASA Washington, D.C. representative Bob Redding continues to relay information to aid members and others, as the Trump Administration provides updates and spotlights resources with regard to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The Trump Administration has produced an updated Paycheck Protection Program FAQ Sheet:

• The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP), established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). This document will be updated on a regular basis.
• Borrowers and lenders may rely on the guidance provided in this document as SBA’s interpretation of the CARES Act and of the Paycheck Protection Program Interim Final Rule (“PPP Interim Final Rule”) (link). The U.S. government will not challenge lender PPP actions that conform to this guidance, 1 and to the PPP Interim Final Rule and any subsequent rulemaking in effect at the time.

To read the updated Paycheck Protection Program FAQ Sheet, click here.