Second Update: Paycheck Protection Program Small Business Guidance

It appears the other major loan program terms are the same.

As mentioned previously, we recommend that you work with your current lender if possible as most lenders we have talked to will be prioritizing their current customers. We also recommend that borrowers carefully assess their expected payroll over the 8 week period following the loan and only borrow an amount that is likely to be forgiven (8 week payroll plus rent and utility payments up to an additional 25% of the total amount forgiven).

This summary contains a general, condensed summary of the most recently available version of the CARES Act for information purposes. It is not meant to be and should not be construed as legal advice. Readers with particular needs on specific issues should retain the services of competent counsel.