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  • Cole Przybyla

Paycheck Protection Program Simply

The PPP is a federal loan program that helps small and medium-sized businesses impacted by the coronavirus (COVID-19) to assist with covering costs related to payroll (including healthcare and certain related expenses), mortgage interest, rent, leases, utilities and interest on existing debt. The loan is an SBA 7(a) loan.


  • 1.00% fixed interest rate

  • Loan amounts up to 2.5x average covered monthly payroll costs, not to exceed $10 million

  • No fees

  • No prepayment penalties

  • No business collateral or personal guarantee required

  • Loan forgiveness for eligible payroll, mortgage interest, rent and utilities during the covered eight-week period after origination

  • Payments are deferred for six months

The Paycheck Protection Program is part of an approximately $2.2 trillion economic stimulus package known as the CARES Act.

Find a great presentation by Just Money HERE

InfoSheet via Economic Innovation Group HERE

Find a list of local participating banks HERE

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