PROVINCETOWN – As the latest round of Paycheck Protection Program funding from the federal government becomes available, Seamen’s Bank is offering information to businesses looking for aid.
$284 billion was approved for funding by lawmakers in Washington last month as the coronavirus pandemic continues.
Among other qualifications, those looking to borrow PPP money must have less than 300 employees and must have used or will utilize all proceeds from the initial PPP loans. The interest rate is %1 over a five year term.
Seamen’s Bank advised that updates to current PPP borrowers will be provided, and that they will be assist when applications are ready to be accepted.
Loans from the latest round of PPP funding will be available until the end or March or when the $284 billion are all distributed.
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