According to the SBA’s website for the Payroll Protection Program (PPP):
- Applications may be open as early as April 3rd,and lenders may be able to approve the applications the same day;
- The unforgiven portion of any PPP loan will have a maturity of 2 years and a 1.0% interest rate; and,
- The SBA is imposing another loan forgiveness condition – “due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll”.
Here’s a link to the sample application form: https://www.sba.gov/document/sba-form–paycheck-protection-program-ppp-sample-application-form.