Washington – This afternoon, the U.S. Treasury Department released the application paperwork for small businesses and non-profits applying for the Paycheck Protection Program, as well as additional information for borrowers and lenders.

U.S. Senator Tim Scott (R-SC) worked closely with Senate Small Business Chairman Marco Rubio (R-FL) to draft the provisions aiding small businesses in the CARES Act passed by Congress last week, and specifically included language ensuring 501(c)3 organizations would also be eligible for $350 billion in expanded 7(a) loans from the U.S. Small Business Administration. Loans used to cover payroll costs, rent, interest on mortgage, and utilities will have those uses forgiven.

The application for borrowers can be found HERE.
For a top-line overview of the program, CLICK HERE.
For lenders, more information can be found HERE.
For borrowers, more information can be found HERE.

###