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CORONAVIRUS COVID-19 SBA LOAN PROGRAM

 

For full access to to Coronavirus (COVID-19): Small Business Guidance & Loan Resources go to www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resourcese/coronavirus-covid-19-small-business-guidance-loan-resources

 

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.