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