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CARES ACT - Paycheck Protection Program Summary


Loan Proceeds Can Be Used For:


Amount:  Loan amount will be based on 2 1/2 times your average monthly payroll from the the last 12 months (up to $100,000 per employee)

Recipient is eligible for debt forgiveness in an amount equal to payments made in the 8-week period after the date of origination for payroll costs, interest payments on mortgage obligations, rent, and utility payments.  Forgivenss will be reduced if borrower reduces number of employees by >25% without rehiring.


Terms:  Remaining balance will be due within 2 years of loan date and will have an interest rate of 1.0%.


How to Apply:


*Documentation will need to be submitted to the Lender after 8 weeks, proving the funds were used for the intended purposes.  Lender will then submit documentation to the SBA to determine the level of debt forgiveness.