U.S. Small Business Administration Paycheck Protection Program

TruFund is a designated lender for the U.S. Small Business Administration’s Paycheck Protection Program (PPP). TruFund’s PPP dollars are available to small businesses, sole proprietorships nonprofits, veterans’ organizations, or Tribal Business Concerns with no more than 500 employees. Small businesses can use PPP loans to pay employees and make rent, utility, and mortgage interest payments during closures or cash-flow shortfalls caused by the COVID-19 crisis.

Terms and Conditions

  • Locations: All states in the United States
  • Amount: 2 ½ times eligible average monthly payroll; max – $10 million
  • Loan Structure: Terms Loans
  • Terms: Two years – no prepayment penalty; no payment for the first six months
  • Interest Rate: 1%
  • Application Fee: N/A
  • Closing Fee: N/A

Eligibility

  • Credit: Must have a FICO credit score of at least 600
  • Repayment Terms: Loan may be forgiven equal to amounts spent by the borrower on eligible expenses for payroll, mortgage, rent, and utilities; loan forgiveness will be reduced if borrower decreases the number of full-time employees or reduces salaries of full-time employees by more than 25%
  • Business Requirements: Business must have been operational as of Feb.15, 2020 and had paid, salaried employees