Forgivable Paycheck Protection Program (PPP) Loans

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CARES Act Paycheck Protection Program:
Apply online with Novae

  •   100% loan forgiveness*
  •   Up to $20,833 per employee
  •   Total loan amount up to $10 million
  •   2-years terms & 0.05% fixed interest rate
  •   Funds to cover payroll, mortgage, rent, or utilities

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COVID-19 | Novae connects you with PPP approved lenders to process your loan.


Paycheck Protection Program (PPP)

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, allocating $2 trillion in federal relief funding for individuals and small businesses hurt by COVID-19.

From that total, $349 billion has been designated for the newly released Paycheck Protection Program led by the Small Business Administration (SBA) and guaranteed by the U.S. federal government.



FAQ navigation

Click into the following questions to quick-scroll to the answer.



1. The CARES Act includes Disaster Loans and PPP loans; can I get both?

Yes, but only if you use the loans for different expenses. While PPP loans can be used only for payroll and/or mortgage interest, rent, or utility costs, Economic Injury Disaster Loans (EIDLs) can be used for other pre-existing business operating expenses.


2. What if I already laid off some employees? Can I still qualify for PPP loans?

Yes, as long as you rehire those employees before June 30, 2020.



3. What happens if I use the funds for other purposes?

The U.S. government may pursue criminal charges against you if they find that the funds were used for fraudulent purposes.



4. What documents are required to apply for a PPP loan?

As part of your application, you’ll need to provide the following: Completed Paycheck Protection Program application form, Documentation verifying the number of full-time equivalent employees on payroll, dollar amounts of payroll costs, and that payroll taxes were paid.

You will also be required to certify that: The funds will be used appropriately for business related purposes as specified in the loan application; The PPP loan will be received only once; You will provide to the lender documentation that verifies how the money was spent.



5. How many loans can I take out under this program?

Only one.



6. How much can I borrow?

You can receive up to 2.5x the average monthly payroll costs from last year. Funds provided for payroll are capped at $100,000 annualized per employee. The total loan amount is capped at $10 million.

For businesses not operational in 2019: The max loan amount will equal 2.5x the average monthly payroll costs incurred for January and February 2020.

For Seasonal Employers: Loan amounts are calculated the same way, but for the 12-week period beginning either February 15, 2019 or March 1, 2019 (decided by the loan recipient) and ending June 30, 2019.



7. Do I need to provide a personal guarantee?

No, you do not need to provide a personal guarantee. However, if funds are used for fraudulent purposes, a criminal charges against you may be pursued by the US government.



8. When is my loan due & can I pay my loan before?

2 years from the time you acquire the funds. And yes, you can pay before. Moreover, there are no prepayment penalties or fees.



9. When do I start paying back & how much?

You will only need to start making payments after the 6-month deferral period, which starts from the time that you receive the loan.

If you qualify for a Paycheck Protection Program loan forgiveness, you will only be required to pay back the interest on your loan. Your loan forgiveness will be reduced if:

The funds are used for any purpose other than those listed above, or If you fail to maintain your staff and payroll.



10. What are the interest rates?

The interest rate on all Paycheck Protection Program loans is a fixed rate of 0.50%. While payments are deferred for 6 months, interest will still accrue during that period.



11. How can I apply for PPP loan forgiveness?

You can request for loan forgiveness via the lender that is servicing your loan. The request should include the following documents for the 8 week period following this loan verifying:

  • The number of full-time equivalent employees and pay rates
  • Covered mortgage interest payments
  • Covered rent payments
  • Covered utilities payments
You will also be required to certify that:
  • The documents are accurate and true
  • You used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments

Note: The lender must make a decision on your forgiveness request within 60 days.



12. Am I eligible for PPP loan forgiveness?

In order to be eligible for loan forgiveness, the following criteria must be met:

  • Funds must be used for the intended purposes (listed above) within the 8 weeks immediately following your acquisition of the loan amount;
  • Employee and payroll levels must be maintained;
  • Any changes made to the number of full-time employees or salaries between February 15, 2020 and April 26, 2020 must be restored by June 30, 2020

Once approved for loan forgiveness, you will be required to pay only the interest on your loan.

Please check the FAQ “How much do I need to pay back?” for more details.



13. What can the funds be used for?

Funds should be used to cover payroll and/or mortgage interest, rent, or utility costs incurred before February 15, 2020.*

Due to likely high subscription, current estimates suggest that no more than 25% of the forgiven amount may be for non-payroll costs (i.e. mortgage interest, rent, or utility costs).

*Pay close attention to the eligibility requirements for loan forgiveness listed below.



14. Is my business eligible for a PPP loan?

You can qualify for a PPP loan if your business can prove to have been affected by the coronavirus pandemic and is classified as a “small business” as defined by the SBA. This includes all registered businesses with up to 500 employees*, including but not limited to:

  • Eligible independent contractors
  • Sole proprietors
  • Self-employed individuals
  • Nonprofit organizations
  • Tribal businesses
  • Veterans organizations

*Affiliation standards will be waived for businesses operating in the food and hotel industries, franchises in the SBA’s Franchise Directory, as well as organizations that receive any financial aid from small business investment companies that are licensed by the SBA.



15. Will it cost me more to get a PPP loan through Novae?

In short, no. Loan terms are the same for all small businesses regardless of where they obtain the funds.



16. Which organizations provide PPP loans?

Paycheck Protection Program loans are available through any existing SBA lender. That includes alternative lenders, banks, as well as federally insured depository institutions/credit unions and Farm Credit System institutions.

Novae has many lending partners that can facilitate your PPP loan, we make the process as quick, easy and as hassle free as possible.



17. When can I apply for a PPP loan?

Application start date varies for different business entities:

  • Small businesses & sole proprietorships: April 3rd, 2020
  • Independent contractors & self-employed: April 10th, 2020

Note: Be sure to apply for a loan as soon as possible to increase your chances of getting funded. Funds are limited and lenders need time to process your loan.



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We are based out of Conyers, Georgia

Office Address:
Novae, LLC
1257 Commercial Drive SW Ste B
Conyers, Georgia 30094
Phone: (678) 750-3787

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