PPP Details & Application
 
Below you can access information about federal, state, city and private resources in regards to coronavirus (COVID-19).

As of August 8, 2020, SBA is no longer accepting Paycheck Protection Program  (PPP) applications from participating lenders.

The Paycheck Protection Program (PPP) extends loans to provide an incentive for small businesses and non-profit organizations to keep their workers on the payroll. Importantly, SBA will forgive the loans if the full-time headcount remains the same for eight weeks and the loan funds are used for payroll, and other designated operating expenses. 

Loan amounts were calculated as up to eight weeks of average monthly payroll (based on 2019 figures) including benefits, plus an additional 40% (25% previously) of that amount used for rent, mortgage interest, or utility payments made before February 15, 2020, up to a maximum of $10 million. 

 

Some other key program details include:

  • Fixed 1% interest rate​

  • Loan deferment for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months (six months previously) after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks) 

  • Loans issued after June 5 have a maturity of five years. Loans issued prior to June 5 have a maturity of two years, though can be extended if mutually agreed upon by borrower and lender

  • ​No collateral or personal guarantee requirement, or borrower or lender fees payable to SBA

  • Payroll costs will be capped at $100,000 annualized for each employee 

  • Businesses must have been in operation on 2/15/20

  • Re-Hiring: You have until December 31, 2020 (June 30th previously) to restore your full-time employment and salary levels for any changes made between February 15, 2020, and April 26, 2020, to be eligible for loan forgiveness

  • Independent contractors and self-employed individuals are eligible 

 

For more information, you can check out the SBA’s FAQ document.

IN PARTNERSHIP WITH:
VISIT US

Pace University SBDC

163 William Street, Room 328

New York, NY, 10038   

CONTACT

Office:  (212) 618-6655

Email:  sbdc@pace.edu

  • Facebook Social Icon
  • Twitter Social Icon
  • Instagram Social Icon
  • LinkedIn Social Icon
SUBWAY

A, C, J, Z, 2, 3, 45 to Fulton St

E to World Trade Center
6 to Brooklyn Bridge

CAREERS

Partnership Program with the SBA, administered by the State University of New York. Funded in part through a Cooperative Agreement with the U.S. Small Business Administration.  All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. All SBA funded programs are extended to the public on a nondiscriminatory basis.

© 2020 Pace Small Business Development Center. All rights reserved.