Banks will administer the loans, with the process starting Friday, April the 3rd. The Paycheck Protection Loan will have a quick, streamlined process to qualify and to get the funds into the hands of business owners. There will be a different application process to apply for the loan forgiveness, where you will have to prove your payroll costs, rent, utilities, and any mortgage interest claimed.
At myCFOplan we are assisting clients with these loans, including consulting and helping with the applications for loan forgiveness. The application for loan forgiveness requires the loan recipient to prove they spent the money as intended under the law.