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April 8, 2020 – As of today, the Paycheck Protection Program (PPP) has new eligibility extensions. The US Treasury and Small Business Administration have expanded guidance on eligibility rules for the PPP program. All banks are trying to keep up with this fast-moving program in which rules and interpretations are changing by the hour. From the beginning, it was known that traditional small businesses qualify. It now appears that eligibility is expanding to certain industries that traditionally are not SBA eligible.

Resources to help understand the new eligibility extensions can be found through this link:

Non-Profits:
https://www.councilofnonprofits.org/trends-policy-issues/loans-available-nonprofits-the-cares-act-public-law-116-132

If you have any questions, please reach out to us. We are more than happy to explain these new interpretations and walk you through the PPP process.

 

Posted in COVID-19 by Decorah Bank on April 8, 2020.

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