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 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