Paycheck Protection Program and other
CARES Act Information
The SBA is now accepting Paycheck Protection Program applications from participating lenders. NASBP will provide updates as they occur.
Update June 1, 2020: New PPP information has been posted to the SBA website:
Update May 25, 2020: The Construction Industry Procurement Coalition delivered a letter, which asked for guidance on the PPP loan forgiveness program for small business government contractors.
Update May 22, 2020: SBA & Treasury have recently released additional guidance:
Note: These IFRs are being posted in advance of publication in the Federal Register. The official versions will appear in the Federal Register.
Update May 21, 2020: SBA & Treasury have recently released additional guidance:
- SBA Procedural Notice - Protection Program Lender Processing Fee Payment and 1502 Reporting Process - Read the notice here SBA_Procedural_Notice_5000-20028.pdf
The purpose of this Notice is to inform Paycheck Protection Program (PPP) Lenders of the reporting process through which PPP Lenders will report on PPP loans and collect the processing fee on fully disbursed loans which they are eligible to receive.
Update May 19, 2020: New PPP Information has been posted to the SBA website:
- An updated Frequently Asked Questions Document (Question 48 – Released 5/19/20)
- SBA is extending the deadline for lenders to electronically upload the initial SBA Form 1502 reporting information to the later of: (1) May 29, 2020, or (2) 10 calendar days after disbursement or cancellation of the PPP loan.
Update May 18, 2020: New PPP information has been posted to the SBA website:
Note: This IFR is being posted in advance of publication in the Federal Register. The official version will appear in the Federal Register.
Update May 14, 2020: SBA & Treasury have recently released additional guidance:
Update May 5, 2020: SBA & Treasury have released additional information regarding the Paycheck Protection Program:
New Policy Guidance Effective April 28, 202
New Policy Guidance Effective April 24, 2020—Paycheck Protection Program Interim Final Rule
Report on Paycheck Protection Program Approvals as of April 16, 2020
Funds from this program:
Based on the legislation, it may be helpful for interested business owners to gather the following information about their business:
- Can be used for employee salaries under $100,000, paid sick or medical leave, insurance premiums, and mortgage, rent and utility payments;
- Are potentially 100% 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
More information and forms:
NASBP Blogs on this subject:
- 2019 Payroll--including the last 12 months of payroll
- 2019 Employees--1099's for 2019 employees and independent contractors that would otherwise be an employee of your business. (Note: Do NOT include 1099's for services)
- Healthcare Costs--all health insurance premiums paid by the business owner under a group health plan.
- Retirement--your company retirement plan funding paid for by the company.
SBA Issues Promised Good Faith Certification Guidance Published May 13, 2020
SBA Updates "Economic Uncertainy" Certification Guidance Published May 13, 2020
Paycheck Protection Program Loan Good Faith Certification Guidance Updated Published May 13, 2020
What Contractors Need to Know About the Paycheck Protection Program Published May 13, 2020
Paycheck Protection Program Safe Harbor Extended Until May 14, 2020 Published May 6, 2020
Who CARES About My PPP Loan? Everyone. Published May 1, 2020
Paycheck Protection Program: Understanding the Rules and Potential Options May Be Required to Maximize Loan Forgiveness Published April 27 2020
Ineligble PPP Borrowers Granted Safe Harbor Period to Return Money by May 7 Published April 24, 2020
SBA Issues New Guidance Regarding PPP—"Good Faith Rules and What You Should Know" Published April 24, 2020
How to Prepare for Replenishment of the Paycheck Protection Program Funds and EIDL Published April 23, 2020
SBA Issues Paycheck Protection Program Guidance Published March 31, 2020
Paycheck Protection Program Provides Forgivable SBA Loans Published April 1, 2020