Paycheck Protection Program – (New York)

  • The loans offer up to $10 million in assistance per applicant; loan amounts are determined by incurred payroll costs.
  • Can be used for: payroll costs, group health care benefits, salaries and commissions, interest on mortgage loans, rent, utilities, and interest on other debt obligations incurred before February 15, 2020.
  • The maximum interest rate is 4% and there are zero loan fees and zero prepayment fees.
  • Maximum term for loan repayment is 10 years, and repayment can be deferred for at least 6 months and up to 1 year.
  • Borrowers are eligible for loan forgiveness equal to the amount incurred and paid during the 8-week period beginning on the loan origination date for payroll costs, payments of interest on certain mortgage obligations, payment on certain rent obligations, and certain utility payments.
  • Loan forgiveness cannot exceed the loan’s principal amount.
  • Payroll costs eligible for forgiveness do not include compensation for annual salaries more than $100,000.
  • The amount forgiven will be reduced if wages for any individual full-time employee were reduced by more than 25% or if full-time employees are laid off. Borrowers can avoid this penalty by curing the reductions by June 30, 2020.
  • To receive loan forgiveness, borrowers must maintain, certify, and submit to their lender, documents that verify the number of full-time employees and documents that prove mortgage, lease, or utility payments. Additional business documents may be requested by your loan officer.

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