CFPB releases PPP information for small businesses

Federal Issues Small Business Lending SBA CFPB CARES Act Covid-19

On April 6, the CFPB released information regarding the CARES Act Paycheck Protection Program (PPP). According to the Bureau, PPP was designed to help small businesses provide job retention for employees and cover certain other costs during the Covid-19 pandemic. Small businesses, as well as independent contractors and the self-employed, may be eligible to apply for PPP loans, which will be processed by SBA-certified lenders. Federally insured credit unions and depository institutions and Farm Credit System institutions may also apply to become approved lenders. Additional information for lenders, including links to an application form and an agreement, are provided in the release.