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The PPP loan has a two year term with a 1% fixed interest rate. There are no fees, and no personal guarantee or collateral required.
Borrow up to 2.5 times your average monthly payroll expenses.
No payments required for the first 6 months, but interest will accrue.
Up to 100% of the total loan amount and accrued interest can be forgiven if used for eligible, approved expenses.
Use the loan for the intended, eligible purposes during the 8 weeks after the loan is issued.
Ensure that at least 75% of the loan use is for payroll during the 8 week time frame.
Request loan forgiveness and provide documentation confirming that loan funds are eligible under the program.
Funds may be used for payroll, rent, health care benefits and insurance premiums, utilities, mortgage interest, or interest on other debt incurred before February 15, 2020.
The PPP loan will be available through June 30, 2020, or until funds made available for this program are exhausted.
To prepare to apply, you'll want to gather payroll costs and related documentation for 2019 and 2020.