Paycheck Protection Program Applications for Small Business

The Department of Treasury has made available information about the Paycheck Protection Program and supplemental information available on its website. You can download the application online.

In preparation of working with impacted clients, CPA firms should review:

Also, be aware that the lender guide lists accountants as approved agents of loan applicants.

As a reminder, funds from this program:

  • Can be used for employee salaries under $100,000, paid sick or medical leave, insurance premiums, and mortgage, rent and utility payments;
  • Are 100 percent forgivable if used for the above purposes; and
  • Are available to businesses or 501(c)(3) nonprofits with less than 500 employees, including sole proprietors, independent contractors and other self-employed individuals.

While the application and documentation requirements are simple, make sure you review all the documents before advising any clients. Additionally, consider your clients’ intentions with other Small Business Administration loan programs when advising them on funding possibilities.

Updated: Feb. 2, 2021