Paycheck Protection Program application & fact sheet are now live via US Treasury website
applications may be submitted to lenders beginning April 3rd ( Friday )
home.treasury.gov/system/files/1…
home.treasury.gov/system/files/1…
home.treasury.gov/cares
applications may be submitted to lenders beginning April 3rd ( Friday )
home.treasury.gov/system/files/1…
home.treasury.gov/system/files/1…
home.treasury.gov/cares
loan amount maximum: two months of average monthly payroll costs from past year + 25%, up to $10 million
terms:
2-year term
0.50% fixed rate
payments deferred for six months (w/ interest)
no collateral
no personal guarantee
2-year term
0.50% fixed rate
payments deferred for six months (w/ interest)
no collateral
no personal guarantee
borrower can apply for loan forgiveness eight weeks after loan is issued
during eight-week period, loan proceeds must be used for:
- payroll costs
- rent or mortgage
- utilities
non-payroll costs (rent / mortgage, utilities) limited to 25% for purposes of forgiveness
during eight-week period, loan proceeds must be used for:
- payroll costs
- rent or mortgage
- utilities
non-payroll costs (rent / mortgage, utilities) limited to 25% for purposes of forgiveness
keep in mind - loan forgiveness is contingent on keeping employees on payroll (FTEs compared to prior year)
cannot reduce salary/wage for ANY employee earning less than $100,000 by more than 25% without reducing loan forgiveness for amount in excess of the 25% (again ANY EE)
cannot reduce salary/wage for ANY employee earning less than $100,000 by more than 25% without reducing loan forgiveness for amount in excess of the 25% (again ANY EE)
