The SBA has updated their cronoavirus assistance page. That has shed more light on the Paycheck protection program. Additionally the Treasury Department has issued some additional guidance on the program as well. We recommend you visit this website often and poke around. The links on SBA’s site have changed often and don’t always take you where you think you need to go. I’m sure they are overwhelmed at this point as well. Some of the best information can be found on the Treasury website linked below as well.
The program total availability is $349 Billion. It appears this will be used for the payroll portion of the loans. According to the Treasury guidance linked below, it is expected that although the loans can be for 2 months of Rent, Utilities, and Mortgage Interest as well as Payroll, only 25% of non-payroll portion of the loan will be forgiven while all of the payroll expenses will be. This is an estimate by Commerce so that it will use the $349 Billion for paychecks. The rest can be paid back over a two year period with no pre-payment penalty.
The small business applications can begin processing as early as tomorrow April 3. We recommend if you are anticipating using one of these loans, to work with your lender TODAY. Additionally the National Cotton Council has posted a summary page with a number of assistance programs.
NCC COVID-19 ASSISTANCE PAGE (Requires NCC Member Password)