SBA and Treasury Announce New and Revised Guidance Regarding the Paycheck Protection Program
WASHINGTON—The U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, issued new and revised guidance for the Paycheck Protection Program (PPP). This guidance implements the Paycheck Protection Program Flexibility Act (PPPFA), signed into law by President Trump on June 5, 2020, and expands eligibility for businesses with owners who have past felony convictions.
Link for additional information: Link to SBA
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The Paycheck Protection Program will be available through June 30, 2020.
Guidelines specific to M&F Bank are as follows:
- The PPP is for existing M&F Bank customers only.
- M&F Bank customers cannot be in default on an existing loan or have a previous charge off with the bank.
- Salaries over $100,000 are not eligible to participate (see checklist instructions).
- We will process PPP loan requests up to $1MM.
- Customers must submit detailed payroll records to apply for the program.
When you are ready to submit your application, please be certain you have included all items on the checklist. Only complete applications can be submitted. Once you have gathered all of your information and filled out your application completely, please send it your relationship manager or branch manager. If you are unsure about who your relationship or branch manager is, please send your application to email@example.com.