Treasury Secretary Steven Mnuchin announced yesterday that small businesses can start applying for the Paycheck Protection Program today. Applications can be received by any existing SBA lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
We must inform you that there are unanswered questions the financial institutions are trying to address with Treasury. The current uncertainty regarding the program may result in delays in when you can apply with your financial institution. We encourage you to reach out to your business banker or branch manager to discuss their application process in more detail.
We will keep you informed on these developments.