What updates have been made to PPP terms?
Summary
A Fundbox question-and-answer page on updates to PPP terms, marked updated November 15, 2020. It says Fundbox updated all of its PPP loans to reflect the newest SBA changes, except that borrowers with 2-year maturity periods were offered the option to opt into a 5-year maturity period. The updated terms listed are a new 60/40 split (previously 75% of PPP funds for payroll and 25% for additional expenses), 24 weeks to use the funds (previously 8 weeks), and a 10-month deferral period (previously 6 months). It states that no updated promissory note is needed because the updates were applied automatically.
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“What updates have been made to PPP terms?”
Original at help.fundbox.com. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/what-updates-have-been-made-to-ppp-terms-d9115b0cf9/
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What updates have been made to PPP terms? - Updated - November 15, 2020 11:27 We are continuously updating this information, however, in the event of inconsistencies with the SBA, please follow official SBA guidance. Congress, the U.S. Treasury, and the SBA have been continually modifying the PPP guidelines since the program started. PPP borrowers are encouraged to visit the U.S. Treasury and SBA websites for the most current information on the PPP guidelines and to watch for applicable updates. The SBA updated their guidelines and terms throughout the PPP process. At Fundbox, we updated all of our PPP loans to reflect the newest changes with the exception of your maturity period, in which borrowers with 2-year maturity periods were offered the option to opt into a 5-year maturity period. If your note shows a 5-year maturity period, no action is/was required. Updated terms apply to the following: - The new 60/40 split (previously 75% of PPP funds needed to be used for payroll and 25% additional expenses) - You now have 24 weeks to use the funds (previously 8 weeks) - The deferral period before your first payment is 10 months (previously 6 months) after the end of your 24-week covered period Do I need an updated promissory note with my updated terms? No. We applied these updates to your loan automatically. The SBA does not require a formal modification to the promissory note your business signed at the time of obtaining its PPP loan.
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