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What are the terms of first-time PPP loans?

  • Interest: 1%, fixed for the life of the loan
  • Term: 5-year term; payments are not required until loan forgiveness
    has been determined
  • Fees: No fees
  • Loan forgiveness: All or a portion of the loan may be forgiven if the business complies with rules regarding usage of the funds
  • Collateral: Collateral or personal guarantees are not required

For additional loan details, please visit the links below from the Department of the Treasury’s website:

https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses

https://home.treasury.gov/system/files/136/PPP-IFR-Paycheck-Protection-Program-as-Amended-by-Economic-Aid-Act.pdf

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