The Department of Treasury has released the Paycheck Protection Program (PPP) application and supplemental information, all available on its website. View more information below:

SBA Paycheck Protection Program (PPP)
Share the application and accompanying borrower guide with clients
Contact your local banker to discuss the lender guide to ensure they are aware of program requirements. While it is our understanding that virtually all banks and credit unions will be able to process program applications, you should verify that your bank intends to support the program. Note: Community development financial institutions (CDFI) such as the LiftFund is an option.
View summary (Updated 4-6-20 Journal of Accountancy)
Gross Pay Approach as Calculation Standard for PPP Loans (4-4-20)
AICPA recommendations | AICPA guide
PPP Application Documents for Lenders - AICPA Recommendations (4-10-20)
This two-page document covers four documentation areas for employer applicants (Federal payroll tax reports; compensation; group health care benefits and retirement plan benefits) as well as directions for Average Monthly Payroll cost calculations.
Governor, Goldman Sachs, LiftFund Announce $50 Million in Loans For Texas Small Businesses (4-13-20) | LiftFund website
Key Facts about the Fed’s Loan Initiative (4-13-20)
Professional Ethics Executive Committee (PEEC) update: Impact of accepting PPP agent fees on independence (4-13-20)
PEEC has determined that "…members may advise and assist their attest clients in understanding the information required to be submitted and in the determination of amounts to be included on the application, provided the member does not prepare or sign the application form itself or perform other management responsibilities on behalf of the applicant. "
AICPA Guidance update (4-22-20) - Issues Related to CPA Involvement
The lender guide lists accountants as approved agents of loan applicants ( CPAs may not charge clients for serving as PPP application agents | 4-6-20 ). Visit the AICPA PPP Resources for CPAs.
News summary on rule clarification (4-14-20): The new information addresses how self-employed and partner income should be included in the loan application. The new guidance discusses loan amounts and loan forgiveness calculations for individuals with self-employment income (with and without employees). Additionally, the guidance clarifies that the self-employment income of general partners may be reported as a payroll cost, up to $100,000 annualized, on a PPP application filed by or on behalf of the partnership (and LLC filing taxes as a partnership).

As a reminder, funds from this program:

Can be used for employee salaries under $100,000, paid sick or medical leave, insurance premiums, and mortgage, rent and utility payments;
Are 100% forgivable if used for the above purposes; and
Are available to businesses or 501(c)(3) nonprofits with less than 500 employees, including sole-proprietors, independent contractors, and other self-employed individuals.

While the application and documentation requirements are simple, make sure you review all the documents before advising any clients. Additionally, consider your clients’ intentions with other Small Business Administration loan programs when advising them on funding possibilities.