« Back to News & Media

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:



SVG linear gradients