"Am I Eligible for PPP?"
In order to support America’s small businesses due to COVID-19, the program extends low-interest loans of up to $10 million to eligible businesses, a portion of which may not need to be repaid. If employers maintain their payroll and use loan funds for allowed expenses like payroll, rent, and utilities for the first 8 weeks after the loan is issued, the loan amount is forgiven.
Expenses that will help qualify for Loan Forgiveness are:
Number of Staff:
Your loan forgiveness will be reduced if you decrease your full-time employee headcount.
Level of Payroll:
Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019.
You have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020.
PPP Loan Terms:
6-month deferment on payment
1% APR INTEREST RATE
24-month LOAN TERM
- Cover Payroll Cost/ Expenses
- Pay Interest on Mortgages incurred before 2/15/2020
- Pay Rent, under lease agreements in force before 2/15/2020
- Pay Utilities for services incurred before 2/15/2020
- Rehire your furloughed employees
How much can You borrow?
How to defer payments