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PPP Returns

15 January, 2021

The Small Business Administration has authorized a new round of PPP loans. 

Interested small businesses should contact their bank or lending partner.  More information can be found at sba.gov/ppp

The SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

Some highlights:

  • PPP loans have an interest rate of 1%.
  • Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 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’s loan forgiveness (either 8 weeks or 24 weeks).
  • No collateral or personal guarantees are required.
  • Neither the government nor lenders will charge small businesses any fees.

Contact your lender for more information.