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2 3 4 5 6 www.sba.gov 7 8 Stay Up to Date: Subscribe for - - PowerPoint PPT Presentation
2 3 4 5 6 www.sba.gov 7 8 Stay Up to Date: Subscribe for - - PowerPoint PPT Presentation
2 3 4 5 6 www.sba.gov 7 8 Stay Up to Date: Subscribe for email alerts: www.sba.gov/updates Follow us on Twitter: @SBA_WestTX Our Office: 806-472-7462 Disaster Customer Service: 800-659-2955 disastercustomerservice@sba.gov 9
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www.sba.gov
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Stay Up to Date:
Subscribe for email alerts: www.sba.gov/updates Follow us on Twitter: @SBA_WestTX Our Office: 806-472-7462 Disaster Customer Service: 800-659-2955 disastercustomerservice@sba.gov
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Important Links:
www.sba.gov/coronavirus https://home.treasury.gov/cares https://www.benefits.gov/ https://www.usa.gov/coronavirus en Español - www.gobierno.usa.gov/coronavirus
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Beware of any email or website, etcending in “sba.help”
No application fee, Free to apply No Immediate Deadline to Apply
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Paycheck Protection Program
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The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses Purpose: Help pay their employees during the COVID-19 crisis.
- The loan amounts will be forgiven as long as: The loan
proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8-week period after the loan is made
- Employee and compensation levels are maintained.
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Paycheck Protection Program
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Significant Differences between CARES Act (PPP) and the Interim Final Rule:
- Term: 2 years instead of possible maximum term of 10
years;
- Forgiveness: 75% of loan proceeds must be used for
payroll costs;
- Deferral: 6 months instead of possible 12 months;
- Interest: 1% instead of maximum amount 4%;
- Borrowers can only apply for one PPP loan; and
- Potential liability for misuse of funds.
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PPP Customer Service
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