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Monday, 11 January 2021 20:06

Paycheck Protection Program Resumed Jan. 11

Index

...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 after the end of the covered period for the borrower’s loan forgiveness (either eight weeks or 24 weeks.)

 

No collateral or personal guarantees are required.

 

Neither the government nor lenders will charge small businesses any fees.

 

How To Apply

 

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union and Farm Credit System institution that is participating.

 

Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program. 

 

If you wish to begin preparing your application, you can download the following PPP borrower application forms to see the information that will be requested from you when you apply with a lender:

 

Paycheck Protection Program First Draw Borrower Application Form 
Paycheck Protection Program Second Draw Borrower Application Form

 

Source: SBA

 

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