First Time Applying?

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

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If applying through the Indy Chamber, loans are capped at $75,000 and are only available for for-profit businesses located in Marion County that were operating before February 15, 2020. The SBA's minimum is $1,000.

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• PPP loans have an interest rate of 1%.

• Loans issued prior to June 5 have a maturity of two years. Loans issued after June 5 have a maturity of five years.

• Loan payments will be deferred for borrowers who 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 8 weeks or 24 weeks).

• No collateral or personal guarantees are required.

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ARE YOU ELIGIBLE? Click here to learn more about eligibility. 

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(Source: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/first-draw-ppp-loans) 

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