Walk-through of the SBA Paycheck Protection Program (PPP) Application as of March 31, 2020. Here are the preliminary details:
- All gyms should qualify for this, including non-profits, veterans organizations, self-employed trainers, and independent contractors.
- Streamlined application and SAME DAY APPROVAL.
- Maximum loan amount of $10 million
- Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)
- Interest rate of 0.5% with a 2 year maturity.
- First payment deferred for 6 months.
- No personal guarantee or collateral.
- No borrower or lender fees.
The application should only take 8 minutes (according to the preliminary document).
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