Payroll Protection Program (#PPP)

The Payroll Protection Program can only be applied through your current commercial banks (so long as they are pre-approved as an SBA lender):

  • Generally, loan amount will be based on your average monthly payroll costs, multiplied by 2.5 (rent cannot be included in these calculations).
  • If you received an EIDL Grant, that amount will be deducted from this loan amount and/or can be refinanced as PPP.
  • The loan becomes forgivable if used for purposes such as, but not limited to:
  • Compensation (salary, wage, commission, etc.)
  • Rent
  • Utilities
  • If the funds were not used for the above forgivable purposes, the loan will have the following terms:
  • Maximum of 10 years
  • Interest rate of 0.50%, fixed rate
  • Details can be found here at the Treasury website: https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses

Please contact your commercial bank representatives for further information.

Provided by INC

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Blog at WordPress.com.

Up ↑

%d bloggers like this: