Notice: PPP ends May 31, 2021

The Paycheck Protection Program ends on May 31, 2021. All eligible entities can apply through a participating lender until then.

Loan details

PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

SBA will for ive I s if all employee retention criteria are met, and the funds are used for eligible expenses.

• PPP (oans have an interest rate of 1%.
• Loans issued prior to June 5, 2020, have a maturity of two years. Loans issued after June 5, 2020, have a maturity of five years.
• Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower’s loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower 5 loan forgivenes5 (between 8 and 24 weeks).
• No collateral or personal guarantees are required.
• Neither the government nor lenders will charge small businesses any fees.

Who may qualify

The following entities affected by COVID-19 may be eligible:

• Sole proprietors, independent contractors, and self-employed persons
• Any small business concern that meets SBA’s size standards (either the industry size standard or the alternative size standard)
• Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans

organization, or tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:

1. a 500 employees, or
2. o That meets the SBA industry size standard if more than 500
   

Any bu5iness with a NAICS code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location