Loan Repayment

• If I don’t use all my money, do I have to give it back?
• Can I prepay my loan balance?
• Are there any restrictions on the use of any money that I have leftover during the remainder of the term of the loan?
• Do any unused funds still accrue interest at 1% even if we have deferred principal payments?
• On a two-year repayment term, does the first payment of the note start after the loan forgiveness application has been processed and total loan forgiveness has been defined?
• If we elect the 24-week forgiveness period, will we be obligated to start paying on the loan prior to getting forgiveness?
• When will we be required to start paying back our remaining loan amount? I’d like to submit our forgiveness calculations 30 days prior to avoid more work.
• We received a PPP loan of about $520,000 in late April.
• Do the revised repayment rules — after the bank receives forgiveness dollars from the SBA — only apply to new loans made after July 5, or all PPP loans?