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New guidance on PPP loans
Dear sole proprietor and self-employed,
New guidance on Paycheck Protection Program (PPP) loans was released on April 14. This guidance clarifies the rules for non-farm sole proprietors and self-employed businesses. All SBA-approved lenders should now be accepting applications for non-farm businesses.
The guidance did not specifically address farming sole proprietors and self-employed businesses, and it is unclear whether additional guidance is still coming or if the new guidance should be followed. Therefore, some lenders may not be submitting farm business applications to the SBA pending further clarification.
If you feel that you are a good candidate for the PPP loan program, we recommend you contact your lender about submitting a PPP loan application. Even if your lender will not submit the application to the SBA, it is still beneficial to get the process started.
Please contact us if you have questions on the new guidance, PPP loans in general, or any of the COVID-19 relief opportunities available.
Van Bruggen & Vande Vegte, PC