Paycheck Protection Program (PPP)

Amount?

Generally up to $2 million for eligible expenses (exceptions and eligibility criteria vary and may apply).

Eligibility

Most businesses and nonprofits as prescribed by the SBA (employee count and business entity exceptions may apply). Borrowers applying for a second draw loan may have no more than 300 employees and must show at least a 25% reduction in revenue in accordance with the requirements.

Terms?

1% annual percentage rate with maturity of 5 years.  No collateral or personal guarantees are required.

Forgiveness?

Up to 100% if proceeds used for designated expenses while maintaining salaries and headcount for the covered period.