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SAM Magazine—Lakewood, Colo., April 3, 2020—NSAA just posted the Interim Final Rule on the Paycheck Protection Program sent out by the Treasury Department. Enrollment for the program opens up today. For more information visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options.

"Today, the Small Business Administration opened applications for its coronavirus economic relief loans and grants," NSAA said in its statement. "NSAA recommends that all businesses—both ski areas and suppliers—who think they are remotely eligible APPLY IMMEDIATELY and ask for a maximum amount."

NSAA noted several key aspects of the program:

• It is FREE to APPLY.

• These loans are being made on a first-come, first-served basis.

• Funds may be dispersed as early as the end of next week.

• There is no personal guarantee required by the business owner.

• There are NO pre-payment penalties. A business can return a part or the full amount if it decides it doesn’t need or want the money.

• Loan forgiveness guidance will be released by SBA in coming weeks. The intent of the law is to transform the loans into grants for companies that maintain their payrolls.

• NSAA is confirming how to calculate 500-employee maximum for SBA loans, and will have more information on that as soon as possible. NSAA will continue working with Congress on changes, in either new SBA guidance or statutory amendments, to benefit seasonal employers and clarify the regulations. In the meantime, banks can rely on information submitted by applicants in “good faith" before eligibility for the program is further clarified.