PPP Loan Details
Designed to help companies with 500 or fewer employees, the Paycheck Protection loan1 was created as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act.
Program benefits include:
- Low interest rate
- Borrow up to 2.5x your average monthly payroll (up to $10M)
- 100% federally guaranteed
- No collateral or personal guarantees required
- No payments due for at least 6 months
- Opportunities for partial or full forgiveness of the loan principal (see below for more detail)
Eligibility requirements include:
- You must have an existing Desert Financial business account.
- You must confirm that your business needs financial relief due to COVID-19 related events, and use the funds to maintain your workforce and operational needs.
- Available to companies with 500 employees or less, sole proprietorships, 501 (c)(3) nonprofit organizations, 501 (c)(19) veterans’ organizations, and eligible Tribal businesses.
How to earn loan forgiveness
The Paycheck Protection Program was designed to help small businesses and their employees. You may be eligible to have some or all of your loan principal forgiven if the funds are used for qualifying costs such as payroll, rent, utilities and mortgage interest. You’ll also need to maintain your workforce and/or restore it within a certain time frame.