• Frank Quintero

SBA Paycheck Protection Updates

4 Changes in Loan Program Final Rule

On Friday, April 3, SBA issued the Final Rule for the Paycheck Protection Program (PPP) Loan program for Small Businesses. The final rule has four changes from previously reported rulings due to the anticipated high subscription from businesses:

  1. Loan maturity will be 2 years, deferred for 6 months.

  2. Interest rate will be 1%.

  3. At least 75% of the forgiven amount must be used for payroll.

  4. SBA Paycheck Protection Form 2483, payroll records plus documents required by the bank.

The Paycheck Protection loans are processed by your local bank or a bank handling SBA loans. Call your own bank or Merced SBDC (209-228-3506). More details at SBA.


You can find facts sheets and other materials related to the Paycheck Protection Program on our Documents page.

VISIT

City of Merced

Office of Economic Development

678 W 18th St. Merced, CA 95340

CALL

800-723-4788 Toll Free

209-385-6827 Phone

209-723-1780 Fax

CONTACT

Frank Quintero

Director of Economic Development

quinterof@cityofmerced.org

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