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THE PAYCHECK PROTECTION PROGRAM LOAN (PPP)
What is this loan for?
This loan will cover a maximum amount of 2.5x your average monthly payroll prior to the “disaster.” (You can use the spreadsheet linked HERE to estimate your loan amount.). This
loan can be used to cover:
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Payroll (must be 75% of total loan);
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Rent;
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Utilities;
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Interest on Mortgages (business property); and
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Equipment Financing.
The loan is 100% forgivable if used for 1-5, above, and loan amounts that are not forgiven are payable at 1% over two years.
Where to Apply:
Any SBA approved lender (check with your bank to see if they offer the loan; some local Palisades bank branches that do offer the loans list their contact information on this website). Wells Fargos' PPP application process starts HERE. Note that if your business has under 250 employees, you may want to consider using a community lender such as PCR or CDC Loan .
What you will need to apply:
This ultimately will be up to the lender, but for these types of loans the process will be similar. A link to a sample set of forms is HERE:
Instructions on applying for PPP loans with links is attached HERE.
A FAQ on this program can be downloaded on the link HERE
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Additional documents for reference are linked HERE, HERE and HERE.
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