Treasury Department Update on PPP Loan Program

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Last night, the Treasury Department issued guidance on additional details of the PPP loan program, which included changes to some of the terms. These include:

Applications can be made for small businesses and sole proprietors starting April 3, 2020
Applications can be made for independent contractors and self-employed individuals starting April 10, 2020
Interest rates on loans are fixed at 0.5 percent. – This is great news!
Borrowings have a maturity of 2 years for portion that is not unforgiven.
Interest payments are deferred for 6 months, but interest will continue to accrue during the deferment period.

Attached is the link to their website. https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses

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