The Treasury Department and Small Business Administration have announced that starting Friday, April 3, participating lenders can begin processing loan applications for the Paycheck Protection Program, as specified in the Coronavirus Aid, Relief, and Economic Security Act, emergency legislation approved by Congress March 27.
The Paycheck Protection Program provides for private sector loans to businesses with fewer than 500 employees that are designed to provide an incentive to keep employees on the payroll during the COVID-19 crisis. These loans can be forgivable by the SBA if employees are kept on the payroll for eight weeks and the loan is used for payroll, rent, mortgage interest or utilities.
The Paycheck Protection Program will be available through June 30. For more information and the application, please visit the CARES Act section of the COVID-19 Resources for Roofing Contractors page of NRCA’s website or visit the Assistance For Small Businesses section at home.treasury.gov/cares.