EDC Business Alert — Paycheck Protection Program Deadline is Aug. 8

SBA PAYCHECK PROTECTION PROGRAM DEADLINE IS AUGUST 8TH!

SBA’s Paycheck Protection Program (PPP) loan application deadline is August 8,2020. PPP is designed to help small business, nonprofits, veteran organizations, Tribal concerns, self-employed individuals, independent contractors, and other eligible borrowers keep their workers employed during the COVID-19 crisis.

·  Loans will be fully forgiven if proceeds are used for payroll (at least 60%) and other designated business operating expenses (interest on mortgages, rent, and utilities) in the eight weeks following loan origination

·  Loan forgiveness is based on employer maintaining salary levels and quickly rehiring employees

·  Loans issued will have an interest rate of 1%, maturity of 5 years, first payment deferred for six months, and 100% guarantee by the SBA

·  No collateral, personal guarantees, or government or lender fees

Apply through any existing and currently issuing SBA 7(a) lender or other approved lender. Visit SBA website to access lender forms, guidance, & interim final rules. Questions? Visit the PPP FAQ page at