The loans will be funded within three days

The Consolidated Appropriations Act requires that the loan amount must exceed $10 million. The loan will also be for no more than 36 months, and the borrower must employ 100 employees. The loans will be made available at a maximum interest rate of 2%.

The PPP Loan was first offered to small businesses with between 50 and 499 employees and a loan term between 7 and 12 weeks. This program is also available to small businesses in rural areas and small-medium sized cities. Small businesses with over 500 employees are ineligible to apply for this loan.

The purpose of the PPP Loan is to provide immediate liquidity to businesses facing severe cash flow issues. These businesses are eligible Employee Retention Credit ERC to borrow up to $10 million. There is a 30-day grace period for loan applications. Once the loan is approved, businesses will receive a direct payment from the U.S. Treasury. The loans will be funded within three days. The interest rate will vary depending on the size of the loan, but it will be capped at a maximum interest rate of 2% per year. This is a very limited-time program and is only open to small businesses. A number of programs are currently available to support small businesses and individuals who need financial assistance.