Paycheck Protection Program HR 748 CARES Act. involves the SBA, US Treasury Department and the banking Industry

Sharing individual bank processing information should be posted in the List of Active PPP Banks announcement and discussion topic. Please do not post individual bank topics in the group, they will be removed so not to overwhelm and flood out questions from members. (Linked here: SBA Disaster Recovery Loans Facebook Group)

OFFICIAL Paycheck Protection Program Guidance, Forms, FAQ and Instructions are located at the US Treasury webpage.

Paycheck Protection Program Information from Group.
SBA, US Treasury, Banking Industry topics and our current understanding of important rule changes. This is our groups current understanding of changes made and published in the US Treasury / SBA FAQ's.

1. 1099 NOT COUNTED as EMPLOYEE as of 7-7-2020 reference US Treasury FAQ #15. Question: Should payments that an eligible borrower made to an independent contractor or sole proprietor be included in calculations of the eligible borrower&rsquos payroll costs?

   1. This rule may cause problems for individuals working under contract full time for one service provider. Stay alert for change on this topic.