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Paycheck Protection Program (PPP) Loan Q&A

March 28, 2020

Who can get a loan?
Businesses, including self-employed and independent contractors, Nonprofits (501 C3), veterans’ organizations (501 C19) and tribal business concerns, with less than 500 employees.

Where do I apply?
Any federally insured depository (bank or credit union)

How much can I borrow?
Up to $10 million but not more than 2.5 times average monthly payroll

How much will be forgiven?
The principle balance of the loan will be reduced by an amount equal to all expenses for payroll, utilities, and rent or mortgage interest, during the 8-week period after the loan is granted. Any remaining principle balance will be amortized over a period of up to 10 years. However, the first payment will be deferred for 12 months.

 

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