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.
For more details please visit => https://covid19.svam.com/wp-content/uploads/2020/04/paycheck-protection-program.pdf