![]() No fees will be charged to borrowers to apply for or receive the loans.No collateral or personal guarantees are required to receive the loan.Loan payments will be deferred for six months.Loans issued prior to June 5, 2020, have a maturity of two years, while loans issued after have a maturity of five years.PPP loans carry an interest rate of 1% on any unforgiven portion.The terms of this loan will be the same regardless of lender and borrower: ![]() What can the PPP loan be used for, and what are the terms?Īccording to the SBA, in order to receive full loan forgiveness, you must use the funds must be used for payroll costs, interest on mortgages, rent and utilities with at least 60% of the forgiven amount going toward payroll. If you didn’t receive an EIDL loan, you can simply multiply that monthly average by 2.5 to request $20,625 in PPP loans.If the total payroll expenses for your business are $99,000 per year, your average monthly payroll cost would be $8,250 ($99,000 divided by 12). ![]()
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