4. The Paycheck Protection Program (PPP) has been funded with an additional $310B in the latest Congressional act passed on April 24, 2020, $60B of which is designated for smaller banks and credit unions. Those loan terms include two-year loans at 1% interest, deferral of payments for six months, interest accrued from the date the loan is received and no prepayment penalty. Also, the PPP loan may be forgivable if spent on qualifying expenditures (payroll, rent or mortgage interest and utilities). The exact forgiveness calculation for the PPP loan is pending additional guidance from Treasury.