Treasury and SBA Issue Guidance on CARES Act Loan Programs

The U.S. Treasury Department has launched a new website providing information and guidance on the loan programs available to small businesses under the CARES Act. The website provides information for both prospective borrowers and lenders, such as eligibility, application requirements, loan terms, and loan forgiveness. The Paycheck Protection Program loan application form is now available on this website, and may be submitted to eligible lenders beginning Friday, April 3, 2020.

All federally insured depository institutions are eligible to participate as lenders in this program. The CARES Act provides delegated authority to eligible lenders to underwrite and administer these loans outside the normal processing channels associated with Small Business Administration loan programs.

Additionally, the Small Business Administration has posted information on its website covering the Paycheck Protection Program, Economic Injury Disaster Loans, SBA Debt Relief, and SBA Express Bridge Loans.