We’ve updated this guide with more information on how to effectively use our business calculator?including what kind of numbers it tells you and how you can use those numbers to make better borrowing decisions.
Business Loan Calculator
Small businesses can now receive government aid to meet payroll through the Paycheck Protection Program. The program costs $349 billion of the $2.2 trillion stimulus package and allows small businesses to receive money totaling 250% of their average monthly payroll in 2019.
The loans max out at $10 million and can be used at the discretion of the business. The loan can be forgiven, however, if certain requirements are met. If no employee is compensated above $100,000 and at least 75% of the money goes to paying workers, the entire loan may be forgiven.
Loans that are not forgiven must be repaid in two years at a 0.5% interest rate after six months of interest deferment.
The only way to apply for these loans is through an SBA authorized lender. Applications open on Friday, April 3, and close on June 30. The application consists of a two-page form in addition to required documentation. (Pokračování textu…)