PPP Grant

Congress just passed emergency legislation to provide relief to small business owners establishing a new stimulus loan program. This small business stimulus package includes a variety of programs, including the ability to receive an emergency advance of $10,000 in three days and having up to 8 weeks of payroll expenses forgiven. As of now, congress has stated that the $10,000 advance will not have to be paid back even if the loan is denied (subject to change).

• The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.

LOAN TERMS & CONDITIONS

• Eligible businesses: All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries
• Maximum loan amount up to $10 million
• Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)
• All loans under this program will have the following identical features:
• Maturity of 2 years
• First payment deferred for six months
• 100% guarantee by SBA
• No collateral
• No personal guarantees
• No borrower or lender fees payable to SBA

For additional information about the stimulus package and application process please contact us.