In COVID-19, General

April 1, 2020

Update: Small businesses & sole props can apply starting Friday, April 3.  On April 10, ICs & self-employed individuals can apply.  Please note…there is a funding cap and business loan forgiveness is NOT guaranteed, must follow guidelines!

Thanks to Chris Zeches for sharing…”It is looking like banks will start accepting applications on Friday. For more information about the program:  https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp

  • Banks can start to process applications on Friday (04/03)
    • Banks can start to process applications for sole proprietors and independent contracts on 04/10
  • 0.50% fixed interest rate
  • 2-year loan due date
  • Payments deferred for 6 months
  • No collateral and no guarantee required
  • For businesses with less than 500 employees
    1. Loan amount: up to 2.5 average monthly payroll up to $10M
    2. Loan must be used to retain workers or make lease/utility payments
    3. Loan may be forgiven if borrowers maintain their payrolls during crisis or restore after
    4. Can’t have a loan application already pending
    5. A personal guarantee is not required for the loan – or collateral.

As of now, you probably want to give your bank a call to discuss and potentially set an appointment.”

sample-borrower-paycheck-protection-program-application
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