HOW DOES IT WORK?
"The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis."
This loan was made for you!
1% INTEREST
Fixed, with 5-year maturity
NO COLLATERAL REQUIRED
Not even a personal guarantee
5 YEAR MATURITY
Loans issued after 5 June 2020
8- or 24-WEEK ALLOCATION PERIOD
Forgiven if used as required
10 MONTH DEFERRAL
For loan payments
LOAN FORGIVENESS
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If funds are used for:
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Payroll costs
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Interest on mortgages
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Rent
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Utilities
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Based on employer maintaining salary levels (inclusive of rehires)
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Reduced if full-time headcount declines or salaries/wages decrease
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Balance after, turns in to a loan
