How to Apply for a $10,000 Grant
This is not a loan. This is a grant that does not have to be repaid in most cases. Be sure to confirm your status with an expert.
MATA is not providing legal advice and takes zero responsibility for the accuracy of the information provided.
The PPP is from the federally funded U.S. Small Business Administration (SBA) and helps businesses keep their workforce employed during the COVID-19 pandemic. It is a loan designed through the CARES Act 2020 to provide a direct incentive for small businesses to keep their workers on the payroll.
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.