AAPC MEMBERS – ACT NOW!
Paycheck Protection Program Forgivable Loans Available Starting Friday, April 3 for Small Businesses
Starting on Friday, April 3, 2020, small businesses with 500 or fewer employees will be able to apply for 100% federally guaranteed loans under the $350 billion Paycheck Protection Program provision of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The window for applications is April 3 – June 30th. Experts estimate that the CARES Act funding will cover only 30% of eligible businesses so it is important to file quickly.
AAPC is closely monitoring the rollout of this crucial small business assistance program, because the health restrictions and economic downturn are affecting our industry and the Paycheck Protection Program could make the difference for many member firms.
Because the CARES Act was passed quickly, the SBA and Treasury Department are still developing guidance for lenders and AAPC will advise our member firms as soon as any relevant guidance is issued.
While some SBA programs are not available to campaign consultants, the CARES Act states that “all businesses” are eligible. We are following developments closely to ensure that our member firms, who employ tens of thousands of workers and contractors, continue to remain eligible. Our top priority is working to help our members build successful businesses and continue to thrive.
If you have any questions about small business assistance or how to proceed, please contact Alana Joyce at 703-245-8021 or firstname.lastname@example.org.
How Do I Apply?
To obtain a loan, an eligible organization must submit an application through an SBA- and Treasury-approved bank, credit union, or nonbank lender. The SBA website has a list of current SBA lenders. Other lenders will be available to make loans as soon as they are approved and enrolled in the program.
To apply, borrowers must complete the application (sample form available here) and submit payroll documentation. AAPC will forward the final application when issued on Friday, April 3rd.
See additional info from the U.S. Chamber of Commerce’s guide to the Payment Protection Program.