Below is a sampling of some local companies and non profits that received loans under the federal government's Paycheck Protection Program. The Paycheck Protection Program is a loan administered by the Small Business Administration designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
PPP loans have an interest rate of 1%.
Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 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.
Neither the government nor lenders will charge small businesses any fees.
This list is not all inclusive but will be updated periodically. Since information is tabulated from different sources, you may see a local company listed twice below as new information was published yesterday (December 2) that gave more details about the precise dollar amount of the loans.