WASHINGTON, DC – (AP) Millions of small business owners are about to get more financial help. The Small Business Administration and the Treasury Department are preparing to revive the Paycheck Protection Program (PPA) five months after its first two rounds of funding ended.
In the latest round, businesses that received loans last year will be able to borrow up to $2 million as long as they have no more than 300 employees and suffered at least a 25% drop in quarterly revenue.
First-time borrowers with no more than 500 workers will be able to borrow up to $10 million.
The loans, which can be forgiven, will have five-year terms and carry an interest rate of 1%.
As with the first two rounds of the PPP, applications must be submitted online at banks and other SBA-approved lenders. All applications must be submitted and approved by March 31. Loan amounts are calculated using a company’s payroll expenses.
