percent loan guarantee by the SBA. You will not have to pay any fees on the loan, and collateral requirements and personal guarantees are waived. Loan payments will be deferred for at least six months and up to one year starting at the origination of the loan.
When is the application deadline
for the Paycheck Protection Program? Applicants are eligible to apply for the PPP loan until June 30th, 2020. I took out a bridge loan through
my state, am I eligible to apply for the Paycheck Protection Program? Yes, you can take out a state bridge loan and are still be eligible for the PPP loan.
If I have applied for, or received an Economic Injury Disaster Loan (EIDL) related to COVID- 19 before the Paycheck Protection Program became available, will I be able to refinance into a PPP loan? Yes. If you received an EIDL loan related to COVID-19 between January
31, 2020 and the date at which the PPP becomes available, you would be able to refinance the EIDL into the PPP for loan forgiveness purposes. However, you may not take out an EIDL and a PPP for the same purposes. Remaining portions of the EIDL, for purposes other than those laid out in loan forgiveness terms for a PPP loan, would remain a loan. If you took advantage of an emergency EIDL grant award of up to $10,000, that amount would be subtracted from the amount forgiven under PPP.
In Summation
Astonishing as this is to believe, the federal government will allow you to borrow for eight weeks of virtually everything you need to run your business from payroll, benefits, and lease or rent or mortgage payments and have the SBA back the loan and then forgive the loan. It is eight weeks of essential business operations cash.
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