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2nd Round - Paycheck Protection Program
Yesterday the Senate passed a $484 billion funding to replenish a small-business loan program. The House is expected to approve the measure later this week. We will keep you posted.
If you have not applied, we recommend that you contact your financial institution as soon as possible.
Being prepared is important! Download a copy of the PPP borrower application form to see what type of information will be requested when you apply with your lender. The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
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