***Updated May 19, 2020***
It is important that you remain familiar with all changes made by the SBA.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress and signed into law by President Trump. As a result, the SBA established the PPP making potentially forgivable loans to small businesses to support employment and small businesses generally. The SBA has defined eligibility for the program through the Interim Final Rule (effective April 15, 2020) and associated FAQ for Lenders and Borrowers (effective April 29, 2020). Over the life of the PPP program, the SBA has continued to update the program generally and the eligibility specifically.
The most recent FAQs can be found at: https://www.sba.gov/document/support--faq-lenders-borrowers.
Given the potential liability, we advise you to consult your legal and accounting professionals to assess your company's eligibility.
Please contact your bank representative with any additional questions.