The PPP is a federal loan program that helps small- and medium-sized businesses impacted by the coronavirus (COVID-19) to retain their workforce. The loan is an SBA 7(a) loan with the following terms:
- 1.00% fixed interest rate.
- Deferred payments for 6 months.
- Repaid over a 2-year term.
- Up to 100% of the principal and accrued interest may be forgiven after 8 weeks.