Paycheck Protection Program – Guidance for Borrowers and Lenders
The Financial Institutions Division is issuing an overview to the Small Business Administration’s (SBA) published interim final rule implementing section 1102 and 1106 of the Coronavirus Aid, and Economic Security Act (‘CARES Act”) for the State of Nevada. The Paycheck Protection Program and loan forgiveness are intended to provide economic relief to small businesses adversely impacted under COVID-19.
The Paycheck Protection Program (PPP) is a $350 billion program to help small businesses keep workers employed amid the pandemic and economic downturn. The initiative provides 100% federally guaranteed loans to small businesses. The program is available April 3, 2020 through June 30, 2020.
