Apply for The Payment Protection Program and EIDL Loan
Use links below to apply: Economic Injury Disaster Loan (EIDL) Paycheck Protection Program (PPP) The SBA has provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.
You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs:
PAYCHECK PROTECTION PROGRAM
PURPOSE: Forgivable if used for payroll (minimum of 75% of the funds received) and the remaining for certain operating expenses (amount of any EIDL advance is not forgivable)
TERMS: Up to $10 million, 1% interest rate
MATURITY: 2 years
FIRST PAYMENT DUE: Deferred 6 months
FULL EIDL LOAN
PURPOSE: To meet financial obligations and operating expenses that could have been met had the disaster not occurred (amount of any EIDL advance is forgiven)
TERMS: Up to $2 million, 3.75% for businesses, 2.75% for non-profits
FORGIVABLE: NO – EIDL Loan, YES – EIDL Advance
MATURITY: 30 years
FIRST PAYMENT DUE: Deferred 1 year
Need help locating a Paycheck Protection Program lender? Click here.