![]() ![]() Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower’s loan forgiveness amount to the lender.Loans issued after June 5, 2020, have a five-year maturity term.Here are some of the key details on how this loan works: Pay certain supplier costs and operational expenses.Cover uninsured property damage resulting from looting or vandalism that occurred in 2020.Pay pay worker protection costs related to COVID-19.If you’ve never received a loan through the Paycheck Protection Program you could be eligible for a First Draw PPP loan. ![]() There are two types of loans you can get: This loan program has one purpose: helping small business owners keep their workers on the job during the coronavirus pandemic.Ĭurrently, loan funding is available through May 31, 2021. The Paycheck Protection Program is a loan program that’s backed by the Small Business Administration (SBA).
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