Things Are Looking Different in the Morning

The Journal of Accountancy reported this morning about the new guidelines for the Paycheck Protection Program released late last night: "SBA issues details for Paycheck Protection Program loans." Among the most important new information is this:

The new rule provides greater clarity on several issues and changes the interest rate on loans made under the program from 0.5% to 1%, a change the American Bankers Association said would encourage banks of all sizes to participate in the program.

Also of interest is this information:

Small businesses and sole proprietorships can apply for PPP loans beginning today. Independent contractors and self-employed individuals can apply beginning April 10.