Breaking News – Treasury Department Issues Guidance for Paycheck Protection Program Loans, and the IRS Issues Guidance on Payroll Tax Incentives

Early Tuesday evening, the U.S. Department of the Treasury issued guidance for borrowers and lenders regarding the much-talked about Paycheck Protection Program Loans. Shortly thereafter, the IRS issued guidance on the payroll tax incentives. We will update you on these developments as soon as possible. In the interim, here is the Treasury’s Information Sheet for the Paycheck Protection Program and the Paycheck Protection Loan Application. According to Treasury, lenders will begin accepting applications this Friday – April 3, 2020.

Our recommendation is for you to immediately contact your banker to determine what additional information the bank is going to need and what you should do next, while you work with your advisor to determine what is best for you.