OnDeck is temporarily suspending Term Loans and Lines of Credit. We are offering SBA Paycheck Protection Program (PPP) loans while government funding remains available. When submitting an application, please be sure to select the SBA PPP Loan option at the top of the page.
SBA Paycheck Protection Program Details
OnDeck is assisting with distributing these loans to small businesses as quickly as possible. If you have not been already approved for a PPP loan and are interested in applying for one, you can apply now through OnDeck. You can apply with us even if you have PPP applications in elsewhere. OnDeck will not be charging any fees to customers. Applications from existing OnDeck customers may be prioritized over non-customers for submission to the SBA.
Use of Funds: Funds must be used for payroll costs, interest on mortgages, rent payments, utility payments, and/or interest on debt obligations incurred before 2/15/20
Loan Amount: Based upon your average monthly payroll costs, the maximum amount of 2.5x average monthly payroll cost.
Term Length: 2 years
Repayment: Loan payments deferred for the first 6 months after that payments are monthly. May be eligible for loan forgiveness if your business meets certain criteria
Interest Rates: 1% fixed rate, no origination fees, no prepayment pen
Am I eligible?
No more than 500 employees
In business and paying payroll as of
February 15, 2020
Have never received funds for a
PPP Loan from the SBA before