PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET: BORROWERS

Who can apply? Individuals with an IRA, SEP, SIMPLE, 401(k), 457, 403(b), or DB plan
Is there a time limit to apply? Yes — End of the year
Who do you apply with? N/A
Maximum loan size? $100,000 capped at participant’s account
Term? End of third calendar year
Deferment? End of third calendar year
Interest rate? 0% if paid on time
Conditional use? None
Personal guarantee? No
Collateral? No
Who is the lender? The plan
Do affiliated rules apply? Only with regard to individual max of $100,000 from plan(s)
Grant? No
Forgiveness? No

Who can apply? Individuals with a 401(k), 457, 403(b), or DB plan
Is there a time limit to apply? Yes — End of the year
Who do you apply with? Plan administrator
Maximum loan size? $100,000 capped at participant’s account
Term? 6 years
Deferment? 1 year
Interest rate? Federal AFR rates
Conditional use? None
Personal guarantee? No
Collateral? No
Who is the lender? The plan
Do affiliated rules apply? Only with regard to individual max of $100,000 from plan(s)
Grant? No
Forgiveness? No

Who can apply? All businesses — including nonprofits, veterans’ organizations, tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors — with 500 or fewer employees can apply
Is there a time limit to apply? Yes — End of the year for COVID-19
Who do you apply with? SBA Direct, unless they transfer to SBA lenders
Maximum loan size? $2,000,000
Term? 30 years
Deferment? 6 months-1 year
Interest rate? 3.75% for profit / 2.75% 501(c)
Conditional use? Working capital, paid sick leave COVID-19, cost to alleviate specific injury (if PPP loan, cannot use for those purposes)
Personal guarantee? No
Collateral? None if less than $200,000
Who is the lender? SBA Direct unless they transfer to SBA lenders
Do affiliated rules apply? Yes
Grant? Yes, $10,000
Forgiveness? Only on the $10,000 if used for business purpose

Who can apply? All businesses — including nonprofits, veterans’ organizations, tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors — with 500 or fewer employees can apply
Is there a time limit to apply? Yes — June 30, 2020
Who do you apply with? SBA-approved lenders
Maximum loan size? $10,000,000 or 2.5x average monthly payroll cost as defined in the CARES Act
Term? 10 years
Deferment? 6 months-1 year
Interest rate? 1% for 2 years
Conditional use? Retain workers – payroll costs, mortgage interest, rents, utilities (100% payroll + 25% non-payroll)
Personal guarantee? No
Collateral? None
Who is the lender? SBA-approved lenders
Do affiliated rules apply? No
Grant? No
Forgiveness? Yes — 8 weeks following close based on expenses set out in CARES Act

Who can apply? No application necessary — must calculate based on number of employees and quarterly compensation
Is there a time limit to apply? No — Available until the end of the year
Who do you apply with? N/A
Maximum loan size? N/A
Term? N/A
Deferment? N/A
Interest rate? N/A
Conditional use? 50% tax credit on the wages paid to employees from March 13, 2020, to December 31, 2020, up to a maximum of $5,000 credit per employee
Personal guarantee? N/A
Collateral? N/A
Who is the lender? Treasury via payroll tax
Do affiliated rules apply? No
Grant? N/A
Forgiveness? N/A

Who can apply? For-profit, US-based business, 2 years in business, need, existing financing
Is there a time limit to apply? Yes — end of year for $1,000,000
Who do you apply with? SBA-approved lenders
Maximum loan size? $1,000,000 (December 31, 2020), then $350,000
Term? Up to 7 years
Deferment? No
Interest rate? Negotiated with lender but max is prime + 2.75%
Conditional use? Sound business purposes
Personal guarantee? Yes
Collateral? Over $25,000, determined by lender
Who is the lender? SBA-approved lender
Do affiliated rules apply? Yes
Grant? No
Forgiveness? No