Payroll Protection Program Loan Info
These loans are available as part of the CARES Act. They provide assistance to businesses that qualify as small (fewer than 500 employees).
- Maximum loan amount—2.5 times monthly payroll cost
- Loan payments will be deferred for the first six months
- Loan will be fully forgiven if funds are used for qualified expenses during the first eight weeks after loan is funded
- Any unforgiven portion of the loan will have a two-year term (fully amortized) with an interest rate of 1%
- No personal guaranties of shareholders, members or partners
- No collateral required
- No SBA fees to borrower
- No prepayment fee
- 100% guaranteed by SBA
Schedule a call today to learn more and determine if a PPP loan is right for you and your business!