On Wednesday April 1st, the Application Form and additional guidance was published regarding the Payroll Protection Program including Information Sheets for Borrowers and Lenders.
In order to apply you will need to provide payroll documentation. Permissible payroll expenses incurred by the business include wages and tips up to $100,000 per employee; vacation, sick, and family leave; separation or dismissal allowance; group health insurance premiums; retirement benefits; and state and local payroll taxes.
The guidance published to date suggests that any portion of a PPP loan will be deferred for six (6) months, have a term of two (2) years, and be subject to interest at the rate of 0.5% per annum.
Attached please find the Application Form, the Borrower Information Sheet, and the Lender Information Sheet.
Please check https://www.mclane.com/Coronavirus-Resource-Center for updates.