If your PPP loan is fully forgiven, it essentially becomes a grant. If the loan is only partially forgiven, however, the unforgiven balance will be treated as a loan and must be paid back. PPP loan payments will be deferred for six months from the date of disbursement and there is no collateral or personal guarantee required. PPP loans have a 1% interest rate and loans issued before June 5, 2020 have a two-year maturity, while loans issued after June 5, 2020 have a five-year maturity. Read More FAQ’s