|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.