First, the Small Business Administration issued implementation guidelines for the PPP on April 2nd, 2020. A redacted version of those guidelines is attached to this email. This redacted version contains the information most relevant to you, and it is presented in a Q&A format. Please read all of it (8 pages), as it discusses everything from who is eligible, for how much, how to apply, and how to repay or achieve forgiveness. If you want to read the full final rule (31 pages), it is available here: https://home.treasury.gov/system/files/136/PPP–IFRN%20FINAL.pdf
Second, banks are now reporting they will be able to process applications as early as today (probably later in the day). The PPP was modified slightly in the last day to make sure all community banks could participate. Your bank should be part of this. Check out your back’s website for information, or contact them directly. The form of application is available here: https://www.sba.gov/sites/default/files/2020-04/PPP%20Borrower%20Application%20Form.pdf. Note this form is not a fillable pdf, so it is likely not the actual form you will be asked to complete, but you should review it to be ready. There will also be a personal guaranty in some circumstances, and that fillable pdf form is available here: https://home.treasury.gov/system/files/136/PPP-Lender-Application-Form-Fillable.pdf
Third, and importantly, the SBA has given guidance on what you will need to apply. Have these documents available (and remember you are probably applying online, so make scans):
This will be the oddest loan application you have ever submitted. Banks are advised by the SBA they need not engage in further verification.
AWD LAW is here to answer your questions. This summary is intended to serve as general information for interested persons, but it is not legal advice for any specific situation. AWD LAW attorneys are available to answer fact-specific questions for our clients. Our number is (928) 774-1478.