U.S. Department of the Treasury - Small Business Administration
Loans to USA small businesses, nonprofit and veterans organizations, individuals, Tribal businesses, and faith-based organizations to assist with salary expenses and job retention during the Coronavirus (COVID-19) health crisis. Eligible uses of funds include costs related to payroll and benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. Borrowers may be eligible for PPP loan forgiveness.
GrantWatch ID#: 188834
The $10 million (or $2 million for a Second Draw PPP Loan) maximum loan amount limitation applies to each eligible business entity.
For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector, the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.
For information on how to calculate maximum loan amounts, see How to Calculate Loan Amounts in Supporting Documents below.
- PPP loans have an interest rate of 1%.
- Loans issued prior to June 5, 2020 have a maturity of 2 years. Loans issued after June 5, 2020 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.
- SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
Before starting your grant application, please review the funding source's website listed below for updates/changes/addendums/conferences/LOIs.
SBA provides local assistance via 68 district offices and a nationwide network of resource partners. To find resources near you: https://www.sba.gov/local-assistance
U.S. Small Business Administration
409 3rd St, SW.
Washington DC 20416
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