Circle C HOA completed an application for a PPP loan and currently waiting to see it has been approved.
What is a PPP loan? PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP loans can be used to help fund payroll costs, including benefits, and may be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
First Draw PPP Loan forgiveness terms
First Draw PPP loans made to eligible borrowers quality for full loan forgiveness if during the 8-24 week covered period following loan disbursement: