The Small Business Administration on Friday published Form 3506, which non-SBA lenders must submit in order to receive delegated authority to issue 7(a) loans under the Paycheck Protection Program. Banks not already certified as SBA 7(a) lenders have been waiting for this form to begin accepting PPP loan applications. Completed forms can be submitted email@example.com.
Also late Friday, the U.S. Treasury released additional guidance regarding the Paycheck Protection Program:
In the weeks immediately after the passage of the CARES Act, Americans will see fast and direct relief in the form of Economic Impact Payments. For more information,CLICK HERE.
Assistance for Small Businesses
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.