Important COVID-19 Update: The Small Business Administration Released the Application for the PPP Loan Program

Posted on March 31st, by Hoberman & Lesser in Firm News & Events, Timely Articles.

At Hoberman & Lesser, we are constantly monitoring the U.S. Small Business Administration (SBA) for the application for the Paycheck Protection Program (PPP) loan program. We are pleased to inform you that a short while ago the SBA released guidance and the Application for the PPP Loan Program.

Please click on the links below to view and download the following documents:

The first day to apply for the loan is April 3, 2020, for small businesses, and April 10, 2020, for independent contractors and the self-employed.  We encourage you to apply as quickly as you can since there is a funding cap.

You will need to complete the Paycheck Protection Program loan application and submit the application with the required documentation to an approved lender that is available to process your application by June 30, 2020.  We do not know what the required documentation package is going to look like at this time.  That should not prevent you from completing and submitting the Application to secure your place in line.

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. Please consult with your local lender to inquire whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders, as well as additional information and full terms, can be found at www.sba.gov.

Please contact us with any questions and for any assistance that you may need.




HOBERMAN & LESSER, LLP