SBA Paycheck Protection Program (PPP) Loans Explained: How They Work, Who Qualifies, & Where To Apply

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These loans are capped at a 4%interest rate(but will start widely with a half-percent interest rate)and have a 10-year loan term. The best part of the PPP Loans is that if you use the loan on operational costs(payroll very first) throughout the 8-weeks after the National Emergency was declared, some of your loan might be forgiven. In order to certify for a PPP loan, your business should: Have less than 500 employees– note that independent contractors and freelancers do not count as employees. Hyperlinks to apply for PPP Loans are offered on their site. With loan forgiveness options and generous terms, this is a great opportunity, but considering that the totality of these loans is topped at $350 billion, the requirement may surpass the resources, and the key is fast efficiency.

These loans are capped at a 4%interest rate(however will begin commonly with a half-percent interest rate)and have a 10-year loan term. The finest part of the PPP Loans is that if you utilize the loan on operational expenses(payroll first) during the 8-weeks after the National Emergency was declared, some of your loan may be forgiven. With loan forgiveness options and generous terms, this is a fantastic opportunity, but since the totality of these loans is topped at $350 billion, the need may surpass the resources, and the key is quick efficiency.

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