Paycheck Protection Program
The Department of Treasury has released the Paycheck Protection Program (PPP) application and supplemental information including their accompanying borrower guide, all available on their website, https://home.treasury.
Funds from this program:
- Can be used for employee salaries under $100,000, paid sick/medical leave, insurance premiums as well as mortgage, rent and utility payments
- Are generally 100% forgivable if used for the above purposes; and
- Are available to businesses or 501(c)(3) nonprofits with less than 500 employees including sole-proprietors, independent contractors, and other self-employed individuals.
- Loan Amounts up to $10 million, Term 2 years, Interest rate 0.50%
- Loan payments deferred for minimum 6 months and up to 1 year
- No collateral or personal gurantees
- Eligible for loan forgiveness
For more information regarding PPP SBA Loans;
If you need help finding selling your business, property or finding a new location for your business, please contact James Han at [email protected] for free consulting.