New Treasury Guidance on Small Business Loan Program, Employee Retention Credit
Just yesterday afternoon, the Treasury Department issued new guidance on the CARES Act’s $350 billion loan fund for small businesses during the COVID-19 pandemic. Small businesses and sole proprietorships can apply for loans through the “ Paycheck Protection Program starting April 3 , while self-employed individuals and independent contractors can apply starting April 10. More detailed information for borrowers can be found here  and an application can be found  here .
The Treasury Department also launched the Employee Retention Credit, which you can learn more about  here . The Senate Finance Committee released an FAQ document on the credit  here .
Mark Denzler
President & CEO
Illinois Manufacturers' Association