Paycheck Protection Program (PPP) Fast Facts
DSD is committed to helping small businesses navigate the COVID-19 loan relief options. The Paycheck Protection Program, part of the new CARES Act stimulus package, is a federal loan program aimed at helping small businesses who have been severely impacted by COVID-19.
Paycheck Protection Program (PPP)
Fast Facts
• $350 billion in loans available to:
–Businesses with fewer than 500 employees
–Sole proprietors
–Nonprofits
• Must have been in operation on February 15, 2020
• “Covered period” runs from February 15 – June 30, 2020
• 100% guaranteed by the federal government through December 31, 2020 – no personal guarantee required.
• Max maturity of 10 years and interest rate not to exceed 4%
• Proceeds can be used to cover payroll, mortgage payments, rent, utilities and any other debt service requirements.
• Zero loan fees / Zero prepayment fee.
• Payments for any loan amount not forgiven will be deferred for a total of 6 months to 1 year after disbursement.
Forms and Guidance
The Interim Final Rule announcing the Paycheck Protection Program information is being posted in advance of publication in the Federal Register. The official version will appear in the Federal Register. Click here to download.
Click here to download the Paycheck Protection Program Lender Application Form. Lenders who need assistance accessing SBA’s E-Tran system to process loan guarantee requests may call the SBA Lender Customer Service Line at 1-833-572-0502.
Additional Assistance
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are currently eligible to apply for disaster assistance.
Enhanced Debt Relief is also available in SBA’s other business loan programs to help small businesses overcome the challenges created by this health crisis.
For information on additional Lending options, please click here.
The Small Business Association provides local assistance via 68 district offices and a nationwide network of resource partners. To find SBA resources near you, please click here.
