Treasury and the SBA release sample application form for the Paycheck Protection Program — under the CARE Act

Today, Treasury and the Small Business Administration (SBA) have released a sample application form and guidance for the Paycheck Protection Program (PPP) introduced in Section 1102 of H.R. 748 that passed last week. As Treasury characterizes the program, it “provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits” as well as pay interest on mortgages, rent, and utilities. Businesses with fewer than 500 employees can receive a maximum loan of $10million, which, if specified conditions are met, can be forgiven.