Paycheck Protection Program Goes Live Today for Employers

Next Week for Self-Employed and Independent Contractors 

Some Banks Still Expect Delays in Implementation

Last night Secretary of the Treasury Steven Mnuchin reiterated that the Paycheck Protection Program was still on schedule to open Friday April 3 for employers.  However, some banks have expressed doubts that they will be ready to accept applications that soon. 

As of last night, a few large lenders, including Chase, Bank of America and Wells Fargo said they would accept applications from their existing customers, but only via websites that are currently under construction.  Even if the websites are open and operating on time, the volume of requests could clog the system. 

We recommend patience.  If you can’t get through today, try again next week.  Secretary Mnuchin said he would ask Congress for additional funding for the program if it is necessary to meet the need. 

Self-employed persons, independent contractors, and partners who actively participate in a partnership must wait at least another week to apply.  We have heard that additional documentation will be required from these borrowers, but details have not been released. 

Meanwhile, continue to look at the other options available to you, including the SBA Emergency Disaster Loan which comes with a $10,000 upfront grant, and the Employee Retention Tax Credit we told you about in our last email.

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