While Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi hash out a new relief effort, House Democrats have proposed another Covid-19 aid bill. Here's what it means for PPP borrowers.
The loans are forgivable if borrowers commit at least 60% of the proceeds to payroll costs. However, firms that fall below that threshold can apply for partial forgiveness.
Terms are also friendly for those with remaining balances. Businesses pay an interest rate of 1% and have a six-month grace period before making repayments. Loans issued before June 5 generally must be repaid in two years, while those issued after that date mature in five years.Phynart Studio | Getty Images
Firms that have suffered the most in the pandemic and already used up their PPP funding might get a second chance for money from the program.second loans to small businesses with fewer than 200 employees that have experienced a 25% reduction in quarterly revenue year-over-year due to the pandemic. Lawmakers are homing in on the smallest businesses: They've excluded publicly traded firms from eligibility for second loans, and they've put limits on businesses with more than one physical location.
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