The $40,000 loan is interest-free until December 31, 2022. Up to 25% of the loan (up to $10,000) is eligible for complete forgiveness if 75% (up to $30,000) is fully repaid on or before December 31, 2022. If the loan cannot be repaid by December 31, 2022, it will be converted into a three-year term loan charging an interest rate of 5%. There are no associated fees with this loan.