In these unprecedented and uncertain times, Printing Industries of America is committed to providing the printing community with the most up-to-date resources on the ongoing COVID-19 situation. Below is important guidance released jointly by the U.S. Department of Treasury and U.S. Small Business Administration regarding the
Paycheck Protection Program:
Paycheck Protection Program
On March 31, the U.S. Treasury Department and Small Business Administration issued information regarding what is expected to be one of the most expansive and robust mobilizations of banks and lending institutions to deploy $350 billion in small business loans. This program, also known as the Paycheck Protection Program, was established as part of the CARES Act (a.k.a. Phase III stimulus legislation in response to Coronavirus). Starting Friday, April 3, small businesses with fewer than 500 employees can apply for these fully guaranteed and forgivable loans. (Independent and self-employed individuals can start applying for these loans on April 10.)
It is important to note that time is of the essence in applying for these loans. There is an overall funding cap for this loan program. If you plan to utilize this assistance program, do not wait.
Start today by doing the following:
Review PIA’s Paycheck Protection Program FAQ.
Contact your local financial institution to see if it is an eligible lender. If not, visit the SBA’s online lender match tool to find a qualified lender. (Note: The list of eligible lenders is being expanded on a rolling basis.)
Access and complete your application form.
Keep in mind that the Paycheck Protection Program is a massive undertaking and it’s reasonable to assume wait times or glitches will occur. Starting the loan application process now is critical.
Economic Impact Payment Program
In addition to the small business information above, you may also wish to share with your employees the recently released IRS information on the Economic Impact Payment program. This program relates to the individual assistance provisions in the CARES Act that will be deployed as direct payments to qualified individual recipients.
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